PHILIPPINES: The country’s total oil import bill dropped 35 percent in the first half to $4.67 billion from $7.256 billion a year ago, pulled down by lower global oil prices.
Net import bill in the first half, referring to total imports less petroleum exports, also went down by 36 percent to $4.254 billion.
“This was attributed to lower import cost [for both crude and petroleum products] although import volume increased,” the Energy Department said in a report.
Total import of crude oil reached $2.305 billion, down by 31.6 percent from $3.369 billion in the first half of 2014 as oil price per barrel fell to $60.277 this year from $111.281 a barrel last year.
Total product import cost also went down by 39.2 percent to $2.364 billion at an average cost insurance per freight of $66.098 per barrel, from $3.887 billion at an average CIF cost of $116.443 a barrel last year.
Petroleum exports earnings also declined 32.9 percent to $415.6 million in the first half from $619.1 million a year earlier.
“Overall, the country’s first half net oil import bill amounting to $4.254 billion was down by 35.9 percent from first half 2014’s $6.637 billion due to cheaper price per barrel of crude and petroleum products [about 50 percent] vis-à-vis last year,” the Energy Department said.
