PRESIDENTIAL DECREE NO. 429-A

: The main objective is to amend Republic Act No. 6173 to authorize the Oil Industry Commission to establish an administrative mechanism to properly compensate authorized importers of crude oil or refined petroleum products to avert shortages.
: Republic Act No. 6173, otherwise known as the Oil Industry Commission Act.
: The Commission may authorize importation when it has determined that there is a shortage of any petroleum product affecting public interest.
: Any agency or instrumentality of the Government or a government-owned or controlled corporation.
: The Commission can authorize importation of crude oil or petroleum products, adjust prices temporarily, and adopt mechanisms for cost recovery by importers.
: The Commission may adopt a mechanism requiring persons or entities in the petroleum industry to pay amounts to a Special Fund to enable importers to recover importation costs.
: To collect payments from industry participants that will enable authorized importers to recover their costs of importation.
: Yes, all acts, executive orders, administrative orders, rules, and regulations or parts thereof inconsistent with this Decree are repealed or modified accordingly.
: It took effect upon approval on April 6, 1974.
: It was signed by President Ferdinand E. Marcos and Executive Secretary Alejandro Melchor.