Utilization of Oil Price Stabilization Fund
Letter of Instructions No. 1431, issued on October 15, 1984, by President Ferdinand E. Marcos, authorizes the use of the Oil Price Stabilization Fund established under Presidential Decree No. 1956. This fund is intended to reimburse oil companies for increased costs associated with the importation of crude oil and petroleum products due to fluctuations in foreign exchange rates and global market prices. The aim is to ensure a stable and continuous supply of petroleum products at reasonable prices for consumers in the Philippines.
Law Information
- Reference Number
- Letter of Instructions No. 1431
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
October 15, 1984
LETTER OF INSTRUCTIONS NO. 1431
WHEREAS, an Oil Price Stabilization Fund was created under the provisions of Section 8, Presidential Decree No. 1956, to be used to reimburse the oil companies for cost increases on crude oil and imported petroleum products resulting from exchange rate adjustment and/or increase in world market prices of crude oil;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the authority vested in me by the Constitution, do hereby order and instruct the utilization of the Oil Price Stabilization Fund created under Section 8 of Presidential Decree No. 1956 to reimburse oil companies the additional costs of importation of crude oil and petroleum products due to fluctuations in foreign exchange rates, to assure adequate and continuous supply of petroleum products at reasonable prices.
DONE in the City of Manila, this 15th day of October, in the year of Our Lord, Nineteen Hundred and Eighty-Four.
Cite This Law
Utilization of Oil Price Stabilization Fund, Letter of Instructions No. 1431, Oct 15, 1984 (Philippines)
Utilization of Oil Price Stabilization Fund, Letter of Instructions No. 1431 (Phil. 1984)
Related Laws
- Reclassification of Oil Price Stabilization FundExecutive Order No. 1024 • May 9, 1985 • Presidential Issuances
- Establishment, Administration, Operation, and Utilization of the Coconut Consumers Stabilization FundLetter of Instructions No. 857 • May 4, 1979 • Presidential Issuances
- Establishing a Coconut Consumers Stabilization FundPresidential Decree No. 276 • Aug 20, 1973 • Presidential Issuances
- Creation of a Price Stabilization CouncilPresidential Decree No. 1674 • Feb 16, 1980 • Presidential Issuances
- Imposition and Collection of Coconut Consumers Stabilization Fund (CCSF) LevyLetter of Instructions No. 940 • Oct 4, 1979 • Presidential Issuances
- Imposing an Ad Valorem Tax on Certain Manufactured Oils and Other Fuels, Bunker Fuel Oil and Diesel Fuel Oil; Revising the Rates of Specific Tax Thereon; Abolishing the Oil Industry Special Fund; and for Other PurposesPresidential Decree No. 1956 • Oct 10, 1984 • Presidential Issuances
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