LTFRB mulls provisional fare hike if diesel hits P60

The Land Transportation Franchising and Regulatory Board said it is “considering” implementing a provisional fare hike if regular diesel prices reach P60 per liter amid the escalating conflict in the Middle East.

The statement came after local oil companies announced fresh price increases, with diesel rising by P1.20 per liter and kerosene by P1.50 per liter. The adjustments marked the 10th straight week of price increases.

“We are definitely considering. Because of the Middle East crisis and the continued increase in the price of fuel, we have definitely considered the granting of provisional increase,” LTFRB Chairman Vigor Mendoza told reporters in an interview.

However, Mendoza said the board has yet to determine the amount of the provisional fare hike and the timeline for its implementation.

“We would have to conduct another public hearing just to bring it down. So, we’re studying the options available to us, including the granting of provisional fare increases in the meantime, while the volatility in the price of fuel is great,” he added.

Tensions in the Middle East escalated after the United States and Israel struck Iran, killing its leader, Ayatollah Ali Khamenei, and a Filipina caregiver.

Iran later struck back at Israel and US military bases across the Middle East, further fueling uncertainty in global oil markets.