Adecline in import costs of crude and petroleum products allowed the country to have a lower oil import bill in 2016, the Department of Energy (DoE) said in a report on Monday.
DoE data showed the country’s import bill was down 13.5 percent at $7.451.9 billion last year from $8.612.0 billion in 2015.
The import bill includes 55.4 percent finished products and 44.6 percent crude oil.
Crude oil imports amounted to $3.321.0 billion, down 17.9 percent from $4.043.1 billion on lower cost, insurance and freight (CIF) per barrel. Last year’s CIF was $42.159 per bbl from $51.795 in 2015.
On the other hand, the country’s receipts from petroleum exports fell by 23.2 percent to $675.0 million from $878.7 million, mainly on lower volume of shipments and FOB per barrel.
As a result, the country’s net oil import bill amounted to $6.776.8 billion, down 12.4 percent from $7.733.3 billion.
The total crude imports reached 78.772 million barrels, up 0.9 percent from 78.060 million barrels.
Eighty-seven percent of the total crude imports or 68.537 million barrels was sourced from the Middle East, of which 36.1 percent or 28.438 million barrels came from Saudi Arabia, the Philippines’ top supplier of crude.
Kuwait accounted for 33.6 percent share and the UAE for 13.3 percent.
While, 6.7 percent or 5.256 million barrels was imported from Russia, 6.3 percent or 4.980 million barrels was sourced from the Asean and 135,000 barrels from domestic output.
Imported petroleum products totaled 86.108 million barrels in 2016, up 12.9 percent from 76.276 million barrels in 2015.