The Land Transportation Franchising and Regulatory board (LTFRB) decided on Monday to bring the minimum jeepney fare back to P9 in light of the declining prices of petroleum products.
"In view of the foregoing... it is hereby resolved to order a provisional rollback of PUJ minimum fare to P9 for the first four kilometers for Regions 3, 4, and NCR," the LTFRB said in tis Board Resolution No. 091-2018.
The LTFRB resolution shall take effect immediately upon publication in a newspaper of general or local circulation, the land transport regulator said.
"The world price of diesel has started to go down resulting to a decrease in the price per liter of the pump price of diesel in the country reaching as low as a common price of P43.75 per liter in Metro Manila and a common price of P45.57 per liter in Southern Luzon as of November 15."
The LTFRB also said that the provisional rollback of jeepney fare rate is without prejudice to the letter request dated 23 October 2018 addressed to the Board, and received on the same day, seeking to review the decision of the Board dated 18 October 2018.
On October 18, the land transport regulator granted transport groups' petition to increase the minimum jeepney fare to P10.
"Meanwhile, as directed by DOTr Secretary Arthur P. Tugade, the Board resolved to come up with a formula that shall pre-determine fare rate adjustments as set by economic indicators such as work market price of crude oil, foreign currency exchange rate, consumer price index, inflation rate, and the financial viability of the public transport system, among others," the LTFRB said.
"This formula shall be deliberated and proposed by a Technical Working Group, which will be convened by the LTFRB," it said. — RSJ, GMA News