Despite drop in volume, ’11 oil import bill up by 26%
The rising world market prices of oil had pushed the country’s oil import bill by 26 percent to $12.57 billion in 2011 from $9.96 billion in the previous year, Department of Energy (DoE) records showed.
Data gathered by the Inquirer showed that the import cost of crude oil rose by 37 percent last year to $7.34 billion from the previous year’s level of $5.36 billion, while the cost of imported finished products increased by 13.6 percent to $5.223 billion from $4.597 billion.
This was despite a 7-percent decline in the volume of oil imports last year to 113 million barrels from 121.4 million barrels in 2010.
Of the total oil imports in 2011, crude accounted for 59.23 percent at 66.917 million barrels, while finished products—such as unleaded gasoline and liquefied petroleum gas (LPG)—accounted for 40.77 percent at 46.065 million barrels.
In the meantime, the country’s total petroleum export earnings rose by 52 percent to $1.785 billion in 2011 from the 2010 level of $1.174 billion.
Export volume in 2011 stood at 16.07 million barrels, up 39 percent from 11.529 million barrels in the previous year.
The total petroleum export earnings brought net oil imports—or crude and petroleum product imports minus exports—to $10.78 billion in 2011, up 22.78 percent from the $8.78 billion posted in 2010.
For this year, global oil prices continued to increase, which is being reflected in the consecutive hikes in the local prices of fuel products.
Zenaida Y. Monsada of the DoE’s Oil Industry Management Bureau, earlier explained that the consecutive oil price hikes could still be attributed to the conflicts in the Middle East, specifically in Iran, which had threatened to cut supply to six European countries.
Iranian lawmakers are pushing a plan to halt crude exports to Europe before the European Union begins an oil embargo on July 1. The embargo is part of a broader strategy by Western nations to pressure Iran to abandon its nuclear program.
Also continuing to put pressure on fuel prices was the increase in the consumption of gasoline by the United States, as seen in its declining stockpile. The depreciation of the peso against the dollar last week compared to previous week levels is also contributing to the rise in the local pump prices.
