The country’s net oil import bill soared 64.4 percent in 2022 to $19.023 billion from $11.574 billion in 2021 amid higher world oil prices.
Data from the Department of Energy’s Oil Industry Management Bureau’s Year-End Comprehensive Report showed that total petroleum demand reached 26.803 billion liters last year, an increase of 9.2 percent from 24.553 billion liters in 2021.
Meanwhile, total oil import bill amounted to $19.579 billion, up by 61.1 percent from $12.154 billion in 2021. “This was attributed to high import cost of crude and finished petroleum products in 2022,” the DOE said.Net oil import volume slightly increased last year to 25.501 billion liters from 23.628 billion liters in 2021. Total oil import cost was made up of 77.4 percent finished petroleum products and 22.6 percent crude oil.
Meanwhile, export earnings dropped 4.1 percent from $580.14 million in 2021 to $556.53 million in 2022 on decreased sales volume.
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