MANILA, Philippines - Commuters will once again pay P8 minimum fare for public utility jeepneys starting tomorrow (May 15). The Land Transportation Franchising and Regulatory Board (LTFRB) on Monday issued a recalll order on the P0.50 provisional fare increase being implemented since March.
The LTFRB's order came on the heels of a major price rollback implemented by oil companies on Monday. The companies cut prices by P1.70/ liter for gasoline and P1.50/liter for diesel.
As a result of the rollback, gasoline prices are currently at the P54/liter range, while diesel prices are now around P44/liter.
In its last fare increase order issued in March, the LTFRB said the provisional P0.50 increase for jeepney fares will be recalled once diesel prices hit P45/liter or lower.
The LTFRB also junked the jeepney fare hike petition that was used as a basis for the provisional fare increase.
Atty. Manuel Iway, LTFRB Board Member, said transport groups have failed to provide proof, such as financial statements, that they are losing revenue.
Transport groups said they will still appeal the LTFRB decision.