Falling oil prices lead to more fare reductions
Jeepney fare in Northern Mindanao has been slashed by 50 centavos following similar reductions elsewhere as a result of declining prices of gasoline.
In Northern Mindanao, fare for the first 4 kilometers will now only cost P7, instead of P7.50, the Land Transportation Franchising and Regulatory Board (LTFRB) said, in a statement announcing the provisional fare reduction on Wednesday.
Following the fare rollback, the discounted minimum fare rate for students, senior citizens and the disabled will also be down to P5.50 from P6. The fare rate for succeeding kilometers will remain the same.
LTFRB Chair Winston Ginez said in the statement that the fare rollback was implemented following a public consultation held by LTFRB’s northern Mindanao office on Jan. 7 and 8.
“We believe that the effect of the series of oil price rollbacks must also benefit our people in northern Mindanao by reducing the minimum PUJ (public utility jeepney) fare in their area,” the statement quoted Ginez as saying.
This week alone, major oil companies implemented a P1.25 and P1.45 per liter rollback in gasoline and diesel prices, the third consecutive oil price cut this year, Ginez said.
The minimum fare reduction in Northern Mindanao covers the provinces of Camiguin, Misamis Oriental, Cagayan De Oro City, Lanao del Norte, Bukidnon and Misamis Occidental.
Last week, the LTFRB also reduced jeepney fare in Central Visayas by 50 centavos, cutting fare in the region to P7 from P7.50.
In December, the LTFRB reduced jeepney fares in Metro Manila by P1, or from P8.50 to P7.50. This applies to jeepneys plying routes from the metropolis to the neighboring provinces of Bulacan, Rizal, Cavite and Laguna.
Ginez said the LTFRB has ordered all its regional offices to conduct public hearings in their areas to assess the impact of the continuing decline in fuel prices on public utility vehicles, operators and commuters and whether fares should be lowered.
