S.I. No. 78/1977:

EUROPEAN COMMUNITIES (MINIMUM STOCKS OF PETROLEUM OILS) REGULATIONS, 1977.

EUROPEAN COMMUNITIES (MINIMUM STOCKS OF PETROLEUM OILS) REGULATIONS, 1977.

I, TOM FITZPATRICK, Minister for Transport and Power, in exercise of the powers conferred on me by section 3 of the European Communities Act, 1972 (No. 27 of 1972), and for the purpose of giving effect to Council Directive 68/414/EEC¹ and Council Directive 72/425/EEC,² hereby make the following Regulations:

¹ OJ L308/14, 23/12/1968, p. 9.

² OJ L291/154, 28/12/1972, p. 13.

1. (1) These Regulations may be cited as the European Communities (Minimum Stocks of Petroleum Oils) Regulations, 1977, and shall come into operation on the 1st day of April, 1977.

(2) The European Communities (Minimum Stocks of Petroleum Oils) Regulations, 1974 and 1976, and these Regulations may be cited together as the European Communities (Minimum Stocks of Petroleum Oils) Regulations, 1974 to 1977.

2. The following is hereby substituted for Regulation 4 (1) (a) of the European Communities (Minimum Stocks of Petroleum Oils) Regulations, 1974 ( S.I. No. 325 of 1974 ):

"(a) Where an oil importer imports for use in the State petroleum oils of a category mentioned in Regulation 3 of these Regulations, he shall at all times maintain a stock of petroleum oils of that category equal in amount to not less than 80 times the amount of his average daily sales for internal consumption of that category in the preceding year."

GIVEN under my Official Seal, this 16th day of March, 1977.

TOM FITZPATRICK,

Minister for Transport and

Power.

EXPLANATORY NOTE.

These Regulations amend the European Communities (Minimum Stocks of Petroleum Oils) Regulations, 1974 and 1976, by increasing the statutory minimum amount of oil stocks to be held by oil importers from 60 days to 80 days.