Presidential
Decree No. 429-A
FURTHER AMENDING
REPUBLIC ACT NUMBERED SIXTY ONE HUNDRED AND SEVENTY-THREE
AS AMENDED, OTHERWISE KNOWN AS THE OIL INDUSTRY COMMISSION ACT, BY AUTHORIZING
THE OIL COMMISSION TO PROVIDE FOR AN ADMINISTRATIVE MECHANISM TO PROPERLY
COMPENSATE THOSE WHO MAY BE AUTHORIZED BY IT TO IMPORT CRUDE OIL OR REFINED
PETROLEUM PRODUCTS AS A MEASURE TO AVERT SHORTAGE THEREOF
WHEREAS, one of the primordial concerns of the government is to insure adequate
and continuous supply of crude oil and refined petroleum products in the
country to meet the basic needs of the people and the requirements for national
economic growth;
WHEREAS, in order to stabilize prices of petroleum products or to cover any
shortfall thereof, it may be necessary to import crude oil and/or refined
petroleum products not only from the known traditional sources of supply but
also from other sources of supply through all available means;
WHEREAS, to achieve the above it may be necessary to provide for some machinery
that would allow the importer to recover its cost;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
SECTION 1. Section 7(i) of
Republic Act 6173, as amended, is hereby amended as
follows:
“SEC. 7(i) Whenever the Commission has
determined that there is a shortage of any petroleum product affecting public
interest, it may, in order to relieve the shortage, authorize or approve the
importation by any agency or instrumentality of the government or a government
owned or controlled corporation of crude oil or petroleum product from any
available source, and take such other steps as it may consider necessary,
including the temporary adjustment of the levels of prices of petroleum
products and the adoption of a mechanism which will require the payment to the
Special Fund created under the next succeeding paragraph by persons or entities
engaged in the petroleum industry of such amounts, as may be determined by the
Commission, which will enable the importer to recover its cost of importation.”
SEC. 2. All acts, executive orders,
administrative orders, rules and regulations or parts thereof which are
inconsistent herewith are hereby repealed or modified accordingly.
SEC. 3. This Decree shall take effect
upon approval.
Done in the City of Manila, this 6th
day of April, in the year of Our Lord, nineteen hundred and seventy-four.
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