The Land Transportation Franchising and Regulatory Board announced the provisional reduction of P0.50 to public utility jeepney minimum fare from P7 to P6.50 in Central Visayas due to prevailing oil market condition.
The minimum fare reduction only covers the first four kilometers, with the fare rate for succeeding kilometers remaining the same.
“We believe that the effect of the series of oil price rollback must also benefit our people in Region 7,” Winston Ginez, LTFRB chairman, said.
The discounted minimum PUJ fare for persons with disability, senior citizens and students in the region will also be reduced from P5.50 to P5.00.
Region 7 is composed of the provinces of Cebu, Bohol, Negros Oriental and Siquijor.
LTFRB said the current situation warrants a corresponding adjustment to the provisional fare rate granted in January 2015, without prejudice to the Board’s final disposition on the pending petition for fare adjustment for Central Visayas.
In January last year, Augustus Pe Jr., a Cebu resident, filed a petition seeking a P0.50 fare reduction to the minimum PUJ fare. The Board heard the petition, through its regional office in Region 7.
Recent developments show a sustained drop in the price of petroleum products. The spate of reduction has resulted in further lowering the price of diesel fuel within the range of P19.72 to P2.40 which is significantly lower vis-à-vis the levels during the December 2014 and January 2015 periods.