Executive
Order No. 392
DECLARING
FULL DEREGULATION OF THE DOWNSTREAM OIL INDUSTRY
WHEREAS,
Republic Act
No. 7638, otherwise known as the “Department of Energy Act of 1992,”
provides that, at the end of four years from its effectivity last December
1992, “the
Department [of Energy] shall,
upon approval of the President, institute the programs and timetable of
deregulation of appropriate energy projects and activities of the energy
sector;”
WHEREAS, Section 15 of
Republic
Act 8180 otherwise known as the “Downstream Oil Industry
Deregulation Act of 1996,” provides that “the
DOE shall, upon approval of the President,
implement the full deregulation of the downstream oil industry not later than
March, 1997. As far as practicable, the
DOE shall time the full deregulation when the
prices of crude oil and petroleum products in the world market are declining
and when the exchange rate of the peso in relation to the US dollar is stable;”
WHEREAS, pursuant to the recommendation of
the
Department of Energy, there is an
imperative need to implement the full deregulation of the downstream oil
industry because of the following recent developments: (i) depletion of the
buffer fund on or about 7 February 1997 pursuant to the
Energy Regulatory Board’s Order dated 16
January 1997; (ii) the prices of crude oil had been stable at $ 21 – $ 23 per
barrel since October 1996 while prices of petroleum products in the world
market had been stable since mid-December of last year. Moreover, crude oil prices are beginning to
soften for the last few days while prices of some petroleum products had already
declined; and (iii) the exchange rate of the peso in relation to the US dollar
has been stable for the past twelve (12) months, averaging at around P 26.20 to
one US dollar;
WHEREAS,
Executive Order
No. 377 dated 31 October 1996 provides for an institutional framework for
the administration of the deregulated industry by defining the functions and
responsibilities of various government agencies;
WHEREAS, pursuant to
Republic
Act No. 8180, the deregulation of the industry will foster a truly
competitive market which can better achieve the social policy objectives of
fair prices and adequate, continuous supply of environmentally-clean and high
quality petroleum products;
NOW,
THEREFORE, I, FIDEL V. RAMOS, President of the Republic of the
This
Executive Order shall take effect on 8 February 1997.
DONE in the
City of
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