MANILA, PHILIPPINES -- There is a “good chance” that there will be a fare rollback for buses and jeepneys by December due to the continuous decline of oil prices, an official from the Land Transportation Franchising and Regulatory Board (LTFRB) said Wednesday.

Lawyer Emmanuel A. Mahipos, LTFRB executive director and concurrent regional Director for the National Capital Region, said that transport and consumer groups have agreed to a fare rollback but have yet to determine the amount.

The National Council for Commuters Protection (NCCP) filed a petition requesting for a P1.50 fare rollback for the first four kilometers for jeepneys and P2 for the first five kilometers for buses, Mahipos said.

However, the fare adjustment sought by the NCCP might not be granted since there were "other factors to consider," Mahipos said.

The LTFRB is set to hear the group’s petition, Mahipos said.