Periodic Reviews by the Board of Energy of the Price of Domestic Petroleum Products
Letter of Instructions No. 1460, issued by President Ferdinand E. Marcos on May 9, 1985, mandates the Board of Energy to ensure the stability of domestic petroleum prices despite fluctuations in international crude oil prices and exchange rates. It emphasizes the importance of maintaining consistent prices for economic and development planning. The Board is directed to consider feasible alternatives, including the use of the Oil Price Stabilization Fund, to offset cost reductions from oil companies. Additionally, it stipulates that no increase in pump prices of refined petroleum products should occur during the next price review.
Law Information
- Reference Number
- Letter of Instructions No. 1460
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 9, 1985
LETTER OF INSTRUCTIONS NO. 1460
TO : The Board of Energy
WHEREAS, the cost of importing and refining of petroleum products fluctuate from time to time as a result either of changes in the international prices of crude oil and petroleum products or changes in the exchange rate; casia
WHEREAS, it is necessary for economic and development planning that the stability of the price of refined petroleum products in the domestic market be maintained, the price differentials resulting from crude cost and exchange rate fluctuations, notwithstanding;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and the laws of the Philippines, do hereby direct that the Board of Energy at its periodic reviews of the price of domestic petroleum products take into account the need to maintain stable prices in the domestic petroleum produce market through such feasible alternatives and mechanisms as shall be necessary and appropriate including the payment to the Oil Price Stabilization Fund created pursuant to Section 8 of Presidential Decree No. 1956 of such amounts representing reductions in the cost of the Oil Companies they may have enjoyed heretofore or may enjoy hereafter resulting either from changes in the international prices of crude oil and petroleum products, changes in the exchange rate or changes in the Ad Valorem tax, to enable the Fund to adequately respond to the purposes for which it was created; provided that at the next periodic price review of the Board of Energy no increase shall result as a consequence thereof to the pump prices of refined products. aisa dc
DONE in the City of Manila, this 9th day of May, in the year of Our Lord, Nineteen Hundred and Eighty-Five.
Cite This Law
Periodic Reviews by the Board of Energy of the Price of Domestic Petroleum Products, Letter of Instructions No. 1460, May 9, 1985 (Philippines)
Periodic Reviews by the Board of Energy of the Price of Domestic Petroleum Products, Letter of Instructions No. 1460 (Phil. 1985)
Related Laws
- Allowing the Price Adjustment (increasing/decreasing) of domestic petroleum every two months effective the second Monday of January, 1985.Letter of Instructions No. 1441 • Nov 20, 1984 • Presidential Issuances
- Continued Tax and Duty Free Importation of Petroleum ProductsLetter of Instructions No. 839 • Mar 31, 1979 • Presidential Issuances
- Limitation of Tax-Free Purchase of Petroleum Products by the AFP-CES for ResaleLetter of Instructions No. 847 • Apr 18, 1979 • Presidential Issuances
- Withdrawal of Tax-Exemption Privilege Granted to PAL on Its Purchase of Domestic Petroleum ProductsLetter of Instructions No. 1483 • Oct 31, 1985 • Presidential Issuances
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