In petroleum: the FOB price established by the Contractor in consultation with the Petroleum Board for each grade, gravity and quality of crude oil offered for sale to buyers generally for export at the particular point of export, which price shall be based upon geographical location, and fair market export values for crude oil of comparable grade, gravity and quality [Section 3(f), Oil Exploration and Development Act of 1972]
Note: The Petroleum Board is now the Department of Energy. See Department of Energy, “History”, https://doe.gov.ph/who-we-are