Bicolanos get lower jeepney fares

The minimum jeepney fares in Bicol have been lowered to P7.00 Tuesday, after local oil companies rolled back pump prices of petroleum products.

GMA News' "News TV Live" reported that jeepney fares in the region have been reduced from P7.50 on orders of the Land Transportation Franchising and Regulatory Board (LTFRB) on the heels of lower oil prices in global markets.

Members of the transport group Concerned Drivers and Operators for Reforms-Bicol Inc. (CONDOR-PISTON Bicol) hope that the decline in global oil prices would be long-term.

Latest data from the Department of Energy (DOE) shows that gasoline prices in the country now range from P31.30 to P39.10 per liter and diesel from P18.85 to P22.20. – Jon Viktor Cabuenas/VS, GMA News