Measures to Stabilize Supply and Prices
- The Commission may implement temporary price adjustments for petroleum products to relieve shortages.
- It may adopt an administrative mechanism requiring payments to a Special Fund.
- Payments to the Special Fund are to be made by all persons or entities engaged in the petroleum industry.
- This mechanism ensures the importer of crude oil or petroleum products can recover the costs incurred in importation.
Scope of Authorized Actions by the Commission
- Besides authorizing importation, the Commission may take any other necessary measures to alleviate shortage.
- This ensures flexibility and effectiveness in managing the petroleum supply crisis.
Repeal and Modification of Inconsistent Provisions
- Any prior acts, executive orders, administrative orders, rules, or regulations inconsistent with this Decree are repealed or modified accordingly.
Effectivity of the Decree
- The Decree takes effect immediately upon approval.
Key Legal Concepts
- Public interest as a basis for government intervention in petroleum imports.
- Use of government agencies and government-owned corporations to secure supplies.
- Establishment of a Special Fund for cost recovery linked to importation activities.
- Authority for temporary price adjustments in response to market shortages.
- Legal certainty through repeal/modification of inconsistent laws and regulations.