The Land Transportation Fran¬chising and Regulatory Board (LTFRB) is studying the petition to lower jeepney fares by P1.
“Kasalukuyang pinag-aaralan ang decision [It is being studied],” LTFRB spokesperson Mary Ann Salada told The Manila Times on Tuesday.
She said the agency is also reviewing petitions to implement the same rollback in other regions.
At present, the minimum fare for Public Utility Jeepneys (PUJs) is P7.50.
Salada said taxicab fares will also go down because the LTFRB will also make permanent the P10 reduction in the flagdown rate and implement a P1 reduction in the rate for every succeeding meter.
The petition for a fare rollback was submitted by Rep. Manuel Iway of the First District of Negros Oriental. The Board received it on August 7.
Iway cited the weekly price cuts implemented by oil companies.
For the eighth consecutive week, oil firms reduced their pump prices on Tuesday. Pilipinas Shell, Seaoil, Flying V, Eastern Petroleum Corp. and Phoenix Petroleum Philippines reduced the cost of diesel and gasoline by 45 centavos per liter and P1 per liter for kerosene.
Last week, oil firms cut pump prices by 90 centavos per liter for diesel; 40 centavos per liter for gasoline and 70 centavos per liter for kerosene.
Since June 23, oil companies have slashed diesel prices by P3.95 per liter and P3.61 per liter for gasoline.
Last year, the LTFRB granted petitions for a reduction of P1 on the minimum fare for jeepney because of the continued downtrend in oil prices.