The minimum fare for jeepneys will be rolled back by 50 centavos to P8 starting today in light of lower diesel prices, a Land Transportation Franchising and Regulatory Board (LTFRB) official yesterday said.
“We have decided that the minimum fare for jeepneys will be back to P8 starting tomorrow (today),” LTFRB member Manuel A. Iway told BusinessWorld in a telephone interview.
“Part of the conditions we set when we approved that provisional increase is that [the minimum fare] will return to P8 once the diesel prices have gone down [to] P45,” Mr. Iway added.
Energy department data showed that as of May 8, diesel prices had hit P44.10 per liter, around P5 lower than the P49/liter that had prompted the LTFRB to approve 50-centavo provisional fare increase starting March 21.
Mr. Iway said the 50-centavo adjustment would take effect anew once diesel prices go back to P49/liter.
The jeepney fare rollback comes as oil firms again cut pump prices for a fifth straight week. Unleaded gasoline prices were slashed by P1.70/liter, regular gasoline and diesel by P1.60/liter, and kerosene prices by P1.50/liter.
Yesterday’s rollback was the 19th fuel price adjustment this year.
There have been 10 price increases and nine rollbacks to date, leading to gasoline prices having gone up by P1.75/liter since the start of the year and diesel falling by P0.25/liter.
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Source: BusinessWorld, May 15, 2012
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