Preamble
WHEREAS, the current economic crisis amounts to a grave emergency which affects the stability of the nation and requires immediate action; WHEREAS, it is also desirable to stabilize the prices of petroleum products for a longer period despite exchange rate adjustments or world market price changes; WHEREAS, the issuance of this Decree is an essential and necessary component of the national economic recovery program formulated to meet and overcome the emergency; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, pursuant to the powers vested in me by the Constitution, do hereby order and decree: