The Land Transportation Franchising and Regulatory Board (LTFRB) has announced a necessary revision to its proposed provisional fare increase for public utility vehicles (PUVs). This decision follows a dramatic surge in global oil prices, largely triggered by escalating geopolitical tensions in the Middle East.
LTFRB Chairman, Vigor Mendoza II, explained that the agency&rsquo;s initial recommendation for a 50-centavo increase was based on diesel prices hovering around PHP 60 per liter. However, with market projections now suggesting costs could soar to PHP 80 per liter, the previous figures are no longer sufficient to sustain transport operators. The board is currently studying a more appropriate adjustment that balances the financial viability of drivers with the burden on commuters.
While a fare hike is being treated as a last resort, the government is prioritizing the release of PHP 2.5 billion in fuel subsidies. Approximately 256,000 beneficiaries, including jeepney, taxi, and TNVS drivers, are expected to receive between PHP 5,000 and PHP 10,500 in assistance. As fuel costs continue to fluctuate, the LTFRB remains in urgent discussions with the Department of Transportation to implement these relief measures immediately.