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By Maricel E. Burgonio, Reporter
DESPITE record prices, the Philippines imported
more oil last year due to higher demand accompanying the country’s
record economic expansion, the Department of Energy said Tuesday.
Energy department data showed the country’s
oil import bill rose by 10 percent to $8.8 billion from $8 billion
in 2006, as companies purchased more fuel abroad on expectations of
a further spike in prices.
The country imported about 90 percent of its
crude requirements from the Middle East, with Saudi Arabia supplying
65.5 percent of the total.
The Philippine economy, as measured by the
country’s gross domestic product (GDP) grew a three-decade record
of 7.3 percent last year.
Gross oil imports increased to 120.1 million
barrels last year from119.3 million barrels in the previous year.
Net oil imports, defined as crude and petroleum product imports less
petroleum exports, went up to $7.5 billion from $6.6 billion
year-on-year. This represents a volume of 101.4 million barrels last
year from 100.8 barrels in 2006.
The energy department noted that domestic oil
demand increased by four percent to 287 million barrels last year
from 277 million barrels a year ago. In terms of petroleum products,
diesel sold reached 40.5 million barrels last year, whereas unleaded
gasoline reached 23.22 million barrels.
Fuel oil sold stood at 18.29 million barrels,
liquefied petroleum gas (LPG) at 11.64 million barrels, and kerosene
at 10.43 million barrels.
Petron Corp. and Pilipinas Shell Petroleum Corp.
captured 69.9 percent of the total domestic market while direct
importers or small oil players had 30.1 percent.
Earlier, the energy department said the
country’s daily oil consumption peaked at about 385,000 barrels
per day in 1997 but decreased to 329,000 barrels per day in 2000 and
eventually to 276,500 barrels per day in 2006.
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