Petroleum Market Law

The National Oil Stock Commission, established under the Article 16, makes decisions on matters including: 

• determination and increase of the principal number of days for national petroleum stocks: in an amount equivalent to at least ninety days of net imports, based on the daily average consumption of the previous year
• management of 
  • obligations that may be imposed, 
  • the procurement period, type, quantity, and storage location of national petroleum stocks; 
  • procurement of petroleum and services related to other decisions and measures regarding stocks and stockholding; 
• sales from national petroleum stocks during extraordinary circumstances; 
• and preparation of proposals to be submitted to the President.

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