By Alexandria Denise San Juan
At least a month after a jeepney fare hike was implemented, the Land Transportation Franchising and Regulatory Board is set to issue a resolution on fare rate rollback amid series of fuel price cuts in the world market.
LTFRB chairman Atty. Martin Delgra III said in a press briefing Monday that the agency would issue a resolution to lower its recently approved P10 minimum fare for public utility jeepneys.
“After the prices of fuel have peaked some time end of October, bumaba ng bumaba na rin ang presyo ng krudo and for which reason, [Transport] Secretary [Arthur] Tugade directed LTFRB to roll back the fare rate. That is what we are doing,” Delgra told reporters.
Delgra’s announcement comes at the heel of recent hefty decline on prices of petroleum products in the world market in the past two months.
Oil companies earlier announced that more than P2 per liter will be slashed from the prices of diesel and gasoline, while prices of kerosene and aviation fuel will be rolled back in the range of P1.50 to P1.70 this week.
On Monday last week, Department of Transportation chief Arthur Tugade had also directed the Board to implement a motu proprio rollback on fare starting this week, based on the “recent and consistent rollback of fuel prices in the world market.”
Prior to this, Tugade told the agency to establish a formula-driven matrix for fare adjustment which the LTFRB abide through creating a technical working group to come up with the said matrix before the end of this year.
The announcement on a lower jeepney fare will be issued by the LTFRB through a resolution which is expected to be out on December 3 after a board meeting.
“Hopefully we would be able to issue it [resolution]… we commit that we will be able to issue it today,” Delgra added.
However, the LTFRB chief said they have yet to announce the amount of the fare cut pending the release of the Board resolution.
Jeepneys in Metro Manila and Regions 3 and 4 have started implementing the P10 minimum fare on November 2 after the Board approved in October a petition for P2 fare increase filed by transport groups last year.