MANILA, Philippines – The Land Transportation Franchising and Regulatory Board (LTFRB) will be implementing a P1 rollback in the minimum jeepney fare by the 3rd week of December.
On Monday, December 3, LTFRB Chairman Martin Delgra III said the regulatory board decided to lower the minimum jeepney fare from P10 to P9 due to the downward trend in global oil prices.
This applies to jeepneys in Metro Manila, Central Luzon, and Calabarzon.
"After fuel prices have peaked sometime late October, fuel prices have also gone down since then. For which reason, [Transportation] Secretary [Arthur] Tugade ordered the LTFRB to issue a rollback in the fare rate," Delgra said on Monday.
LOOK: LTFRB board resolution ordering for the P1-cut in jeepney minimum fares. This is set to be published on a newspaper tomorrow, and will be effective 15 days from then @rapplerdotcom pic.twitter.com/rsKwiNzQYY — Aika Rey (@reyaika) December 3, 2018
Global oil prices have been declining for 8 straight weeks and local fuel retailers across the country have been implementing price cuts.
But several jeepney drivers and operators have already paid at least P570 for fare matrices to implement the P2 hike, as part of LTFRB regulations. (READ: Bakit kailangan ng fare matrix bago makasingil ng P10 pamasahe sa dyip?)
The LTFRB's latest order will take effect "without prejudice" to the appeal against the hike filed by the United Filipino Consumers and Commuters last November 12, Delgra said.
The rollback order is also different from the Department of Transportation's directive telling the LTFRB to craft a formula for fare increases which would account for fuel prices, inflation, and other factors.
The LTFRB aims to finalize the formula before 2018 ends. – Rappler.com