THE country’s oil-import bill went up by 7.6 percent from January to June this year to $7.124 billion, as against $6.619 billion a year ago, on the back of an increase in crude-oil shipments during the period.
The imported cost of crude oil went up to $111.276 per barrel during the period, compared to last year’s average cost of only $109.524 per barrel. Total crude oil imported in the first half this year reached 29.45 million barrels (MB), an increase of 14 percent vis-à-vis last year’s level of 25.83 MB.
The country’s petroleum exports earnings for the period also rose by 15.1 percent to $581.5 million, from $505.1 million in the first half last year.
Net imports, the difference between the country’s imports and exports, shoot up by 7 percent to $6.542 billion, from $6.114 billion.
The total oil imports were made up of 46 percent crude oil and 54 percent finished products. Demand for finished petroleum products went up by 4.5 percent in the first half to 61.406 billion barrels, from 58.737 billion barrels.
All products showed an increase in demand volume. Fuel oil recorded the highest growth of 11.6 percent. Diesel oil and unleaded gasoline demand also rose by 3.3 percent and 1.5 percent, respectively.
Product demand mix comprised mostly of diesel oil at 42.3 percent, gasoline at 22.5 percent, fuel oil at 11.5 percent, kerosene at 11.1 percent, liquefied petroleum gas at 10.3 percent and other products at 2.4 percent in the total product mix.
The total petroleum products exported for the first half of 2014 dropped by 12.5 percent to 3,493 MB, from 3,991 MB, for the same period last year.
Condensate exports, the top exported product for the period, decreased by 13.3 percent. However, naphtha exports grew by 21.5 percent.
Meanwhile, all petro-chemical products such as mixed xylene, toluene, benzene and propylene increased vis-à-vis last year’s level. No fuel oil was exported for the first half of 2014.
The total export mix comprised of condensate (51.5 percent); naphtha (30.6 percent); mixed xylene (9.8 percent); toluene (4.0 percent); and benzene (2.5 percent).
The oil refiners’ exports, namely, Petron Corp. and Pilipinas Shell Petroleum Corp., accounted for 48.5 percent of the total export mix, while the remaining 51.5 percent was accounted to the export of Shell Philippines Exploration B.V., Liquigaz and Petronas.
A total of 1.8 billion barrels of crude oil from Galoc (Palawan Light) was exported during the first half, from 2013’s level of 706 MB.
The major oil companies (Petron, Chevron Phils. and Pilipinas Shell) got 71.1 percent market share of the total demand, while the other industry players, which include PTT Philippine Corp., Total Phils., Seaoil Corp., TWA, Filpride, Phoenix, Liquigaz, Petronas, Prycegas, Micro Dragon, Unioil, Isla LPG Corp., Jetti, Eastern Corp., Perdido and Filoil Gas Co., as well as the end users who directly import part of their requirements, captured 28.9 percent of the market