THE country’s net oil imports surged to $19.02 billion in 2022, up by 64.4 percent from $11.57 billion a year ago mainly on account of high crude prices and increasing fuel demand, data from the Department of Energy stated.The total imports rose by 61.1 percent to $19.68 billion last year from $12.15 billion in the same period a year ago. This was attributed to high import cost of crude and finished petroleum products in 2022.
In terms of volume, total imports rose to 26.48 billion liters last year from 24.44 billion liters in 2021. For finished petroleum products import cost, there was a growth of 53.3 percent to $15.15 billion from $9.88 billion. The rise was due to higher import costs of finished products in 2022.
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