Manila, Philippines – Following the consecutive weeks of increase in oil prices, motorists welcomed a slight breath of relief after a bigtime rollback last week.
Diesel prices decreased by P2.90 per liter, while P3.20 per liter in kerosene.
Gasoline prices rose by 20 cents last week.
This became the basis of the Department of Transportation (DOTr) and Land Transportation Franchising and Regulatory Board (LTFRB) in its decision to defer the approval of fare hike petitions among traditional and modern jeepneys.
On LTFRB’s public consultations, several transport groups cited high oil prices as one of the reasons on their fare hike petitions.
DOTr noted that after the big rollback, LTFRB will not be implementing the P1 to P2 fare hike petition for now.
DOTR Acting Secretary Giovanni Lopez said that this is not the time to increase fare as this has a huge impact on the economy, recently affected by calamities.
LTFRB’s data revealed that at least five regions opposed the fare hike petition, including Central Luzon, CALABARZON, Bicol Region, Central Visayas, and Metro Manila, which were greatly affected by the recent disasters.
The Department of Economy, Planning and Development (DepDev)’s study cited that fare hike may speed up the inflation rate in the next two years, which may affect basic goods prices.
Presently, DOTr, LTFRB and other related agencies have been studying alternative measures to address the low income among the transport sector.
Meanwhile, kerosene and diesel prices did not change this week, while gasoline increased another P1.20 per liter.—Mia Layaguin, Eurotv News