Commuters may soon reap more benefits from plummeting oil prices as the Department of Transportation and Communications (DOTC) on Thursday said bus and taxi fares may soon be lowered.
“As part of the process for the proper pricing of transport services, the LTFRB [Land Transportation Franchising and Regulatory Board] will hear petitions for fare rollbacks for bus, taxi and UV express services tomorrow [January 9],” DOTC spokesman Michael Arthur Sagacal said in a text message to The Manila Times.
He added that petitions for fare rollbacks have been filed because of the continuing decline of oil prices in the world market.
In December last year, the minimum jeepney fare in Metro Manila was slashed by P1, from P8.50 to P7.50.
The minimum fare covers the first four kilometers, with the rate for succeeding kilometers unchanged.
For students and senior citizens, the minimum jeepney fare is P6.
Fluctuating diesel prices have dictated jeepney fares over the last five years.
In 2009, diesel was P23 per liter.
Two years later, its price jumped to P37.75 per liter, and the fare rose from P7 to P8.
In 2012, diesel hit P48 per liter, raising the fare by another 50 centavos.
Diesel now costs P33 per liter.