Monday, November 03, 2008 LTFRB to meet transport operators on fare rollback By Ian Ocampo Flora
CITY OF SAN FERNANDO -- The Land Transportation Franchising and Regulatory Board (LTFRB) here will convene all major transport operators in the region Monday for the possibility of reducing by at least 50 centavos the current minimum jeepney fare of P8.50.
LTFRB regional director Robert Peig said the move came after petitioner groups in Manila filed a motion with the LTFRB to reduce current fare by 50 centavos to P1.50.
This, after oil companies led by Unioil Petroleum Philippines Inc. implemented a P5-per liter oil price roll back last week.
Oil giants Petron Corporation, Pilipinas Shell Petroleum Corp. and Chevron Philippines meanwhile implemented their rollbacks last October 31.
Other independent oil players like Seaoil Philippines and Eastern Petroleum said the big time price cut was due to the continued softening of the prices in the international market
Peig said the board is seriously considering the fare rollback because of the cut in oil prices.
"Since what we are using now is a provisional fare, the board can actually immediately consider the roll back on fare. The operators will meet with us on November 4 to see their sentiments," Peig said.
The initial consultation with Central Luzon transport operators over the weekend has proved to be favorable for commuters. However, opposition to the said fare rollback is more felt among Metro Manila operators, according to Peig.
"Most of our operators here are amenable to the proposal. We believe it would be easy to reduce the fare by 50 centavos. By this week, we could have definite resolution on the call for a fare roll back," Peig added.
The price of Dubai crude oil in the world market as of last Friday was US$60.76 per barrel.
