Philippines’ Oct base oils/lube imports fall

The Philippines’ base oils and lube imports fell in October for an eighth month against the backdrop of a sustained rise in the country's interest rates to tame high inflation.

Base oils and lube imports of 13,200t in October fell by 18pc from year-earlier levels, government data showed. Imports held close to that level in August and September.

Base oils and lube imports fell even as the country’s economy continued to growth strongly through the third quarter of the year.

High interest rates raised the prospect of slowing that growth rate over the coming months.

Base oils and lube imports from Singapore extended their sharp fall in October, dipping more than 40pc and for a sixth month from year-earlier levels.

Imports from South Korea continued to hold firm, rising by 4pc and for the fifth time in six months from year-earlier levels.