Refining capacity lack driving PH oil imports

PHILIPPINE oil product imports could account for up to 78 percent of total fuel consumption this year given the country's lack of refining capacity and a strong recovery in demand, Fitch Solutions said on Wednesday.

"We expect oil demand to continue growing at an annual average growth rate of 3.4 percent between 2022 and 2031," the Fitch unit said in a commentary, "while net imports are anticipated to grow at around 3.5 percent, more or less closely in line with demand growth."