Section 4
SEC. 4. Section 12(B) (iv) and Section 12 (C) of the same Decree are hereby amended to read as follows: "iv. Except as otherwise specifically provided, the following powers and functions of the abolished Oil Industry Commission under Republic Act No. 6173, as amended, are transferred either to the Bureau of Energy Utilization of the Board of Energy, or both, to the extent applicable and appropriate in the light of the foregoing transfers of powers and functions: "(1) Require importers of crude oil and petroleum products to file data on their import and shipping costs as well as other material information relative thereto; "(2) Require all persons, corporations and other entities engaged in the petroleum industry and their associations or institutes, to furnish it with such relevant information as it may need in the discharge of its duties; "(3) Issue subpoena and subpoena duces tecum in any inquiry, study, hearing, investigation, or proceedings which it may decide to undertake in the exercise of its powers and functions; "(4) Promulgate rules and regulations relevant to procedures governing hearings before it and enforce compliance with any rule, regulation, order, or other requirement: Provided, That said rules and regulations shall take effect fifteen days after publication in the Official Gazette; "(5) Perform such other acts as may be necessary or conducive to the exercise of its powers and functions; and "(6) Undertake a continuing study of the petroleum industry in its domestic and international aspects, gather and collate information and statistics bearing on the industry, submit an annual report to the President of the Philippines on its activities and the results of its studies, including therein such matters as it may deem appropriate subjects of legislation or executive action; and keep itself regularly and thoroughly informed of conditions in the industry in order to enable it to perform its functions, exercise its powers and discharge its duties effectively. "The annual report shall include, among others, the following data on a company-by-company basis: "(a) Volume, weight, type, import price, and supplier of crude oil and petroleum products imported; "(b) Tonnage, type, nationality and ownership of vessels used in importing crude oil and petroleum products, as well as shipping costs; "(c) Audited financial statements of petroleum refineries and marketing companies; "(d) Data on exported products, price of same, country of destination, and vessel used; "(e) Listed wholesale price of gasoline on a monthly basis; "(f) Posted and market prices crude oil at sources of importation and other known sources of crude oil supply; and "(g) Cost of refining petroleum products." "C. The powers and functions of the Philippine National Oil Company relating to the regulation of oil or petroleum operations, as defined in Presidential Decree No. 334, as amended, including the importation of refined petroleum products, are hereby transferred to the Department or its bureaus as appropriate."