The Land Transportation Regulatory and Franchising Board (LTFRB) said it is likely to grant petitions from public utility jeepneys for a one-peso increase in minimum fare by next week.
LTFRB chairman Teofilo Guadiz III said they will issue a resolution on the matter, according to a report by GMA Integrated News’ radio arm DZBB.
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This development comes as oil companies announced a possible big-time oil price hike in the coming days amid the escalating conflict in the Middle East.
Malacañang, meanwhile, said the government is ready to provide fuel subsidies for the public transport sector adversely impacted by the increasing crude oil prices.
