Land Transportation Franchising and Regulatory Board LTFRB Rollback
Posted on November 9th, 2008
We can see nowadays that the price of oil particularly diesel and gasoline is dropping significantly. As a result, The Land Transportation Franchising and Regulatory Board or LTFRB is agreed to carry out a fare cut for public utility vehicles.
A 1.00 peso fare cut for buses and 0.50 centavos for jeepneys will be agreed amount but there is still a pending deliberation of the petition for the fare cut by the National Council for Commuters Protection (NCCP).
LFTRB chairman, Mr. Thompson Lantion said that the board would tackle the urgent motion for provisional price cut filed by commuters. Both of the jeepney and bus operators have agreed on a fare cut for the reason
that there are series of price rollbacks on diesel and gasoline prices in the local market.
“If there are no oppositions, within that 24-hour period, we will be able to make an announcement,†Lantion said.
A minimum fare from P8.50 to P7.00 for the first five kilometers for jeepneys, while P10.50 to P8.00 for ordinary and P10.00 from P12.00 for the airconditioned buses is what the NCCP is seeking for.
Lanton cited that there is a possible rollback in taxi fares. He mentioned the information reaching him that the taxi operators are studying a rollback in their fares.
The said rollback was effected by oil majors Chevron Philippines Inc., Petron Corporation, Pilipinas Shell Petroleum Corporation and new players Eastern Petroleum Corp., PTT Philippines Corp. and Total (Philippines) Corp.
The Seaoil Philippines Inc. cut their price of gasoline and kerosene products by P2.00 per liter and P4.00 per liter to their diesel products while Unioil Petroleum Philippines Inc., on the other hand, cut the price of gasoline and kerosene by P2.50 per liter and by P6.00 per liter for the diesel product.
The other oil companies had yet to announce if they would follow suit and cut prices, as well.
