Oil consumption in the Philippines is projected to rise from 20.82 million metric tons in 2024 to 21.55 million metric tons in 2028. Comparing 2023’s actual figures, there is a consistent incremental trend anticipated annually. Specifically, the year-on-year variations are relatively stable, indicating around a 1% increase yearly. Over a five-year period, this sets the compound annual growth rate (CAGR) to approximate these yearly increments. The uniform rise indicates a steady demand for oil in the nation's energy and transportation sectors.
Future trends to watch for include potential shifts due to economic growth, advancements in renewable energy, and changes in consumer behavior. Monitoring policy changes around sustainability and energy independence will also be critical in adjusting future consumption forecasts.