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 P…

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
Philippines, by virtue of the powers in me vested by the Constitution,
do hereby decree and order:

SECTION 1. Section 7 (i) of Republic Act No. 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herewith axe hereby repealed or modified accordingly.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.