LTFRB to roll­back jeep­ney fare amid fuel price de­cline

Watchmen Daily Journal - - BUSINESS -

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.

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