EXECUTIVE ORDER NO. 392

: Executive Order No. 392 declares the full deregulation of the downstream oil industry in the Philippines.
: Republic Act No. 7638, also known as the Department of Energy Act of 1992, provides this basis.
: The Department of Energy is to institute such programs at the end of four years from the effectivity of the law, which was in December 1992.
: The DOE shall, upon approval of the President, implement the full deregulation of the downstream oil industry not later than March 1997.
: The deregulation should be timed when the prices of crude oil and petroleum products in the world market are declining and when the exchange rate of the peso relative to the US dollar is stable.
: The depletion of the buffer fund by February 7, 1997, stable crude oil prices of $21 to $23 per barrel since October 1996, the beginning softening of crude oil prices, declining petroleum product prices, and a stable peso to US dollar exchange rate averaging around P26.20.
: It provides an institutional framework for the administration of the deregulated oil industry by defining the functions and responsibilities of various government agencies.
: The objectives are to foster fair prices, ensure an adequate and continuous supply, and provide environmentally-clean and high quality petroleum products through a truly competitive market.
: The order took effect on February 8, 1997.
: Fidel V. Ramos was the President who signed the order.