WHEREAS, the need for a cutback in the volume of crude oil imports has made it imperative that stringent measures t0 conserve fuel and avoid wasteful consumption thereof be adopted;
WHEREAS, one of the most effective measures of fuel and energy conservation is the restructuring of the prices of refined petroleum products;
WHEREAS, in order to correct the demand imbalance it is necessary to reshape the consumption on oil products by realigning the tax component of the price of refined petroleum products;
WHEREAS, the revision of the specific tax rates on these products will generate additional revenue to support the economic programs of the government.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree the following:
"SECTION 1. Sections 153, 155 and 156 of the National Internal Revenue Code as amended are hereby further amended to read as follows:
"SECTION 153. Specific tax on manufactured oil and other fuels.—On refined and manufactured mineral oils and motor fuels, there shall" be collected the following taxes which shall attach to the articles hereunder enumerated as soon as they are in existence as such:
"SEC. 155. Specific tax on bunker fuel oil.—On fuel oil, commercially known as bunker fuel oil, and on all similar fuel oils, having more or less the same generating power, there shall be collected, per liter of volume capacity, thirty three and one-half centavos, which tax shall attach to this fuel oil as soon as it is in existence as such.
"SEC. 156. Specific tax on diesel fuel oil.—On fuel oil, commercially known as diesel fuel oil, and on all similar fuel oils, having more or less the same generating power, per liter of volume capacity, fifty seven and one-half centavos, which tax shall attach to this fuel oil as soon as it is in existence as such.
"SEC. 2. This Decree shall take effect on May 17, 1984.
"Done in the City of Manila, this 10th day of April in the Year of Our Lord, Nineteen Hundred and Eighty Four.
By the President:
(Sgd.) JUAN C. TUVERA
Presidential Assistant for Legal Affairs(Sgd.)FERDINAND E. MARCOS President of the Philippines