Price for Petroleum Gases and Other Gaseous Hydrocarbons in the Philippines - 2023

Contents:

1. Price for Petroleum Gases and Other Gaseous Hydrocarbons in the Philippines (CIF) - 2022
2. Price for Petroleum Gases and Other Gaseous Hydrocarbons in the Philippines (FOB) - 2022
3. Imports of Petroleum Gases and Other Gaseous Hydrocarbons in the Philippines
4. Exports of Petroleum Gases and Other Gaseous Hydrocarbons in the Philippines

Price for Petroleum Gases and Other Gaseous Hydrocarbons in the Philippines (CIF) - 2022

In 2022, the average import price for petroleum gases and other gaseous hydrocarbonses amounted to $799 per ton, picking up by 13% against the previous year. Overall, the import price, however, showed a pronounced contraction. The pace of growth was the most pronounced in 2021 an increase of 43%. The import price peaked at $991 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Australia ($910 per ton) and Brunei Darussalam ($872 per ton), while the price for Qatar ($736 per ton) and Nigeria ($739 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brunei Darussalam (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Petroleum Gases and Other Gaseous Hydrocarbons in the Philippines (FOB) - 2022

The average export price for petroleum gases and other gaseous hydrocarbonses stood at $875 per ton in 2022, jumping by 28% against the previous year. In general, the export price, however, recorded a pronounced setback. The pace of growth appeared the most rapid in 2021 an increase of 30% against the previous year. The export price peaked at $1,072 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($892 per ton), while the average price for exports to South Korea ($850 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Gases and Other Gaseous Hydrocarbons in the Philippines

In 2022, approx. 1.6M tons of petroleum gases and other gaseous hydrocarbonses were imported into the Philippines; with a decrease of -7.2% on the year before. The total import volume increased at an average annual rate of +1.2% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2021 with an increase of 19% against the previous year. As a result, imports attained the peak of 1.8M tons, and then reduced in the following year.

In value terms, imports of petroleum gases and other gaseous hydrocarbonses amounted to $1.3B in 2022. In general, imports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by 71% against the previous year. Over the period under review, imports of reached the maximum in 2022 and are likely to see gradual growth in years to come.

Top Suppliers of Petroleum Gases and Other Gaseous Hydrocarbons to the Philippines in 2022:

1. United Arab Emirates (333.6K tons)
2. Brunei Darussalam (240.0K tons)
3. Saudi Arabia (224.5K tons)
4. China (169.4K tons)
5. Kuwait (129.3K tons)
6. Qatar (125.7K tons)
7. Malaysia (110.9K tons)
8. Nigeria (109.1K tons)
9. Australia (46.6K tons)
10. Algeria (46.1K tons)
11. United States (44.5K tons)
12. Angola (24.9K tons)
13. Vietnam (7.6K tons)

Exports of Petroleum Gases and Other Gaseous Hydrocarbons in the Philippines

In 2022, exports of petroleum gases and other gaseous hydrocarbonses from the Philippines declined significantly to 14K tons, waning by -21.5% compared with 2021 figures. Over the period under review, exports continue to indicate a sharp decline. The pace of growth was the most pronounced in 2021 with an increase of 101% against the previous year.

In value terms, exports of petroleum gases and other gaseous hydrocarbonses reached $12M in 2022. In general, exports faced a dramatic shrinkage. The growth pace was the most rapid in 2021 when exports increased by 162% against the previous year.

Top Export Markets for Petroleum Gases and Other Gaseous Hydrocarbons from the Philippines in 2022:

1. Taiwan (Chinese) (8.0K tons)
2. China (4.0K tons)
3. South Korea (2.0K tons)

Source: IndexBox Market Intelligence Platform