MANILA, Philippines - Transport group Pasang Masda on Wednesday asked the Land Transportation Franchising and Regulatory Board (LTFRB) to rollback the current P8.50 jeepney minimum fare to P8.
In its petition, the transport group also proposed to the LTFRB to put up a fare adjustment mechanism which automatically raises or cuts down fare for public utility vehicles depending on the price of crude oil in the world market.
Based on the group's computation, if the price of crude oil is at P39 per liter the minimum fare should be pegged at P8 for the first 4 kilometers.
The minimum fare should be set at P9 if the price of crude oil ranges between P40 to P45 per liter, the group said. If it further goes up to P46 and P50 per liter, the minimum fare should be placed at P10.
The current average price of diesel is at P37 per liter, Pasang Masda said.
The transport group's fare rollback petition will be heard on November 17.