The volume of crude oil brought into the country in 2020 was recorded at 33 billion liters from 61 billion liters in 2019. Refined petroleum products also fell down from 103 billion liters from 112 billion liters.
The total imports volume for both crude and finished petroleum products last year hit 136.050 billion liters, down 21.4 percent from 2019. In terms of value, the country’s oil import bill plunged 46 percent to $6.37 billion during the 12 months from $11.9 billion.
Meanwhile, total petroleum exported last year stood at 10.4 billion liters from 12.7 billion liters in 2019. Of which, crude oil volume stood at 2.5 billion liters while refined petroleum products reached 8 billion liters. Total petroleum export earnings were recorded at $439 million in 2020, down by 42.5 percent from $764 million in 2019.
In total, the country’s net oil import volume and bill last year stood at 126 billion liters and $6 billion, respectively. In 2019, the figures were 160.5 billion liters and $11 billion.
The net oil import bill is the difference between oil imports and exports.
DOE-Oil Industry Management Bureau (OIMB) Director Rino Abad said the demand dropped significantly due to the lockdown. He said there was limited movement brought about by the community quarantine measures. Moreover, the refineries were shut down. “Demand was really low due to the pandemic quarantine which limited the consumption,” he said in a text message.
Petron Corporation’s Bataan refinery temporarily stopped operations in May last year for maintenance activities.
Pilipinas Shell Petroleum Corp. followed suit, albeit permanently, and transformed the facility into a full import terminal.
Both recorded low refining margins caused by the pandemic.
Image credits: Nonie Reyes
Read full article on BusinessMirror
