Further Amending Republic Act Numbered Sixty One Hundred And Seventy Three As Amended, Otherwise Known As The Oil Industry Commission Act By Amplifying The Purposes Of The Special Fund Crea
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Further Amending Republic Act Numbered Sixty One Hundred And Seventy Three As Amended, Otherwise Known As The Oil Industry Commission Act By Amplifying The Purposes Of The Special Fund Crea
Presidential Decree No. 456
May 15, 1974
Case Overview and Summary
Summary of Presidential Decree No. 456Amending the Oil Industry Commission Act (Republic Act No. 6173)
I. Special Fund (Section 1)
- Amends Section 7(j) of Republic Act No. 6173
- Authorizes the Oil Industry Commission to require payment from persons or companies benefiting from extraordinary gains due to authorized price increases, to a Special Fund
- The Special Fund shall be utilized for:
- Projects related to consumption or use of crude oil, gas, and other petroleum products
- Development of other energy sources
- Exploration and research on conservation, anti-pollution, and similar studies
- Subsidizing importation of crude oil and refined petroleum products by government agencies or corporations to ensure adequate supply at reasonable prices
- Other special economic and social projects as determined by the President
- The Special Fund shall be administered as directed by the President
II. Payment to Special Fund (Section 2)
- Inserts a new Section 15-A in Republic Act No. 6173
- Empowers the Oil Industry Commission to require payment by persons or companies engaged in importing, manufacturing, and/or marketing petroleum products, to the Special Fund
- Payment amount shall not exceed fifteen centavos (P0.15) per liter of refined petroleum products
- In exercising this power, the Commission shall consider:
- Requirements of the Special Fund in relation to its purpose
- Effect of the payment on prices of petroleum products and its cost impact on the economy and/or consuming public
- Cost and profit levels of the industry
III. Repealing Clause (Section 3)
- Revokes or modifies any inconsistent acts, executive orders, administrative orders, rules, and regulations
IV. Effectivity (Section 4)
- The decree shall take effect upon its approval
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Executive Issuances
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Petroleum products
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Further Amending Republic Act Numbered Sixty One Hundred And Seventy Three As Amended, Otherwise Known As The Oil Industry Commission Act By Amplifying The Purposes Of The Special Fund Crea
Presidential Decree No. 456
•May 15, 1974
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 456 May 15, 1974
FURTHER AMENDING REPUBLIC ACT NUMBERED SIXTY ONE HUNDRED AND SEVENTY THREE AS AMENDED, OTHERWISE KNOWN AS THE OIL INDUSTRY COMMISSION ACT BY AMPLIFYING THE PURPOSES OF THE SPECIAL FUND CREATED UNDER SECTION 7(j) OF SAID ACT AND AUTHORIZING THE OIL INDUSTRY COMMISSION TO REQUIRE PAYMENT BY PERSONS AND COMPANIES ENGAGED IN THE PETROLEUM BUSINESS TO SAID SPECIAL FUND.
WHEREAS, under Section 7(j) Republic Act No. 6173, as amended, a Special Fund was created to be utilized directly or in the form of loans through financial institutions of the government, for projects relating to the consumption or use of crude oil, gas and other petroleum products; the development of other sources of energy; for exploration and researches on conservation, anti-pollution and other similar studies; and to subsidize importation of crude oil and refined petroleum products by the government agencies and government owned or controlled corporation to assure adequate and continuous supply of petroleum products at reasonable prices;
WHEREAS, there is a need to...
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