LTFRB studying fare-hike proposals amid oil price surge, Ukraine-Russia conflict

ABS-CBN News

Posted at Feb 26 2022 01:33 PM | Updated as of Feb 26 2022 02:12 PM

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Video from PTV

MANILA—The Land Transportation Franchising and Regulatory Board (LTFRB) on Saturday said it was studying proposals to increase fares in commuter jeepneys as oil prices continued to rise. 

Gasoline prices, on the rise for 8 successive weeks, are expected to further go up as Russia faces economic sanctions, Political Science and International Relations Professor Anna Malindog-Uy earlier said. 

"Patuloy nating inaaral, may petition na natanggap natin . . . At ito ay naka-set for hearing ngayong March 8," LTFRB Executive Director Maria Kristina Cassion said in a televised briefing on PTV. 

Jeepney drivers and operators are appealing to authorities to raise the minimum fare to P10 due to the surge in oil prices.

Trade Undersecretary Ruth Castelo, meanwhile, said Russia's invasion of Ukraine would cause oil prices to go up. 

This, however, can be cushioned by a TRAIN Law mechanism that would suspend excise taxes if fuel exceeds $80, according to Castelo.

Deferring excise taxes would cut P6 off the price of diesel and P10 off gasoline, based on the TRAIN Law.

"Ang government naman, ready na harapin kung sakaling tataas pa para ma-cushion din ang effect nito sa ordinaryong tao tulad natin," Castelo said.