LTFRB: Hearing on P5 fare hike petitions on hold amid fluctuating oil prices

The Land Transportation, Franchising and Regulatory Board (LTFRB) is not likely to call a hearing on the proposed fare increase until oil prices have stabilized, its chairman Teofilo Guadiz III  said.                       

Guazid was referring to the pending P5 fare hike petition filed by at least three transport groups in August.

“We already have a P1 provisional fare hike, we noticed that recently, ang presyo po ng langis ay taas, baba. Taas, baba. Inaantay po nating mastabilize iyong presyo hanggang nitong December bago po kami mag-set ng hearing,” Guadiz said in a news conference. 

(Oil prices have been fluctuating recently. We are waiting for it to stabilize until December before we hold a public hearing on the proposed fare hike.)

“Because if we set a hearing now, and then tomorrow, the oil prices will change again. And then it goes up up and down again. Hindi po talaga namin matutugunan kung magkano ang increase, kung ibibigay man namin,” he added.

He said that LTFRB is eyeing to resume public hearings on the proposed fare hike in December and come up with a resolution after a month.

The minimum fare in traditional jeeps is at P13. For modern jeeps, it is slightly higher at P15. —LDF, GMA Integrated News