Section 1
SECTION 1. A new paragraph to be cited as paragraph (j) is hereby added to Section 7 of Republic Act No. 6173, as amended, as follows: "SEC. 7 (j). Whenever an authorized increase in the prices of petroleum products would result in an extraordinary gain from existing inventories, the Commission is hereby empowered to take such measures, including the payment by the companies benefited to a Special Fund which is hereby created, to be determined by the Oil Industry Commission in an appropriate directive of such inventory gain, as would assure that said extraordinary gain shall redound to the public interest. Until otherwise provided, the Special Fund herein created shall be utilized either directly, or in the form of loans thru financial institutions of the Government, for projects relating to the consumption or use of crude oil, gas and other petroleum products and other sources of energy including exploration and development researches on conservation, anti-pollution and other similar studies, and to subsidize the importation of crude oil by any government-owned corporation to assure adequate and continuous supply of petroleum products at reasonable prices. The Special Fund shall be administered as the President of the Philippines may direct."