LTFRB to rollback jeepney fare amid fuel price decline
The Land Transportation Franchising and Regulatory Board (LTFRB) said yesterday it is set to rollback jeepney fares amid the declining price of petroleum products.
“After the prices of fuel have peaked sometime in October, bumaba nang bumaba na ang presyo ng krudo. And for which reason, Secretary Tudage directed LTFRB to rollback the fare rate, and that is basically what we’re doing,” LTFRB Chairman Martin Delgra III said in a press conference.
As for how much the amount of the rollback will be, Delgra said it will be announced through a resolution.
“We commit to be able to issue it today,” he said.
Dubai crude oil prices have gone down by 14 percent from an average of $79 per barrel in October down to $68 per barrel so far in November, according to the Department of Finance.
Delgra clarified that the decision to lower jeepney fare is without prejudice to the petition filed by a consumer group that seeks to reduce minimum fare back to P8.
The LTFRB’s decision came only months after it approved minimum jeepney fare to be increased to P10 in October.