WHEREAS, at the height of the energy crisis, the country suffered from the cutback of crude oil and experienced an acute shortage of petroleum products;

WHEREAS, in the face of this shortage temporary measures were enacted to lift protective tariffs and allow for the duty-free importation of the scarce petroleum products vital to the country's economic growth;

WHEREAS, the oil situation has relatively improved and it has been assessed that the country at present possesses adequate supplies of petroleum products, except for liquefied petroleum gas, a widely-used commercial, industrial and domestic fuel;

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 that the effectivity of Presidential Decree No. 333, as amended by Presidential Decree No. 343, Presidential Decree No. 368 and Presidential Decree No. 438 be further extended as this affects the duty-free importation of liquefied petroleum gas only up to 30 June 1975 unless sooner terminated by the President.

This Decree shall take effect immediately.

DONE, in the City of Manila, this 18th day of July, in the year of Our Lord, nineteen hundred and seventy-four.