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.

 

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