Philippines’ April base oils/lube imports hold firm

The Philippines’ base oils and lube imports climbed to a seven-month high in April, contrasting with signs of slower demand in other key markets in southeast Asia.

Higher imports coincided with healthy economic growth and rising automobile sales.

Base oils and lube imports combined came to 17,330t in April, up from 16,670t the previous month, government data showed.

Demand mostly fell in April from the month of March in other regional markets like Thailand and Vietnam.

The Philippines’ base oils and lube imports fell for the third time in four months for year-earlier levels. That trend tallied more closely with other markets in the region.

Lubricants accounted for almost all the Philippines' imports in April.

The trend extended a pattern throughout this year and contrasted with a much larger share of base oils imports in 2022.