Prevailing price

In price of select energy goods: the average price at which any basic necessity has been sold in a given time within a month from the occurrence of any of the conditions enumerated under Section 6 of this Act [Section 6, Price Act of 1992]

Panic-buying

In price of select energy goods: the abnormal phenomenon where consumers buy basic necessities and prime commodities grossly in excess of their normal requirement resulting in undue shortages of such goods to the prejudice of less privileged consumers [Section 4,...

Price Act

In price of select energy goods: Republic Act No. 7581, Act Providing Protection to Consumers by Stabilizing the Prices of Basic Necessities and Prime Commodities and By Prescribing Measures Against Undue Price Increases During Emergency Situations and Like Occasions...

Deepwater Well

In petroleum: a well drilled on water depths beyond 200 meters, whether within or without a deepwater contract [Section 3(x), Oil Exploration and Development Act of 1972, as amended by Presidential Decree No. 1857]

Deepwater Contractor

In petroleum: the contractor in a deepwater contract, whether acting alone or in consortium with others [Section 3(w), Oil Exploration and Development Act of 1972, as amended by Presidential Decree No. 1857]

Deepwater Contract

In petroleum: a service contract at least eighty-five percent (85%) of the total contract area are in water depths beyond 200 meters [Section 3(v), Oil Exploration and Development Act of 1972, as amended by Presidential Decree No. 1857]

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