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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 975-A |
The Minister of the Budget
The Treasurer of the Philippines
In order to fix a single price among all companies for crude oil products notwithstanding the failure of crude oil exporting countries, including members of the OPEC, to maintain a uniform and stable price, the Board of Energy has required the payment of certain amounts denominated as "Crude Cost Equalization Differentials." By such means, the Board would avoid the need of granting special price increases in favor of oil companies who import their crude oil at prices higher than the base or reference price utilized as basis by the Board in fixing the selling price of crude oil products to the public.
To better monitor the amount collected under the Fund and the disbursement made therefrom, and in view of the limited purpose for which the Fund may be utilized, it is directed that the amounts collected under the Crude Cost Equalization Differential Fund be held in a separate account as a trust liability, distinct from the Special Fund established under Sec. 8(j) of R.A. 6173, as amended. The Ministry of Energy shall continue to administer this Fund and shall submit to the President quarterly reports on the status of the Fund.
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