THE Land Transportation Franchising and Regulatory Board yesterday approved a provisional rollback of 50 centavos on the fares of jeepneys and P1 for buses.

The new rates will take effect today, except for air-conditioned buses which will be effective Monday.

The new rates are P8 (from P8.50) for the first four kilometers for jeepneys, P9 (from P10) for ordinary buses for the first five kilometers, and P11 (from P12) for air-conditioned buses.

The reduced rates were approved by the LTFRB board after a meeting yesterday with transport, commuter and consumer groups, and oil companies.

LTFRB chair Thompson Lantion said the board’s decision was in answer to the petition of the National Consumer and Commuters Protection Incorporated headed by Vic Millora.

The group asked for a P1.50 reduction on jeepney fare and P2 for buses.

"Ito na rin yung sagot doon sa series of rollbacks ng mga oil companies sa kanilang diesel at gasoline," Lantion said.

Transportation Secretary Leandro Mendoza said authorities will hold another hearing for a possible further fare reduction "if the prices of oil or gas continue to go down."

Mendoza said discussions are ongoing for a possible rollback in taxi fares, particularly the P10 in addition to the meter fare which was given middle of the year.

President Arroyo, at the opening of the 1st Laguna Investment and Business Expo in Sta. Rosa, Laguna, said the fare rollback is due to the continued decrease in prices of oil in the world and local market.

Energy Secretary Angelo Reyes said the government is expecting further reductions of P12 to P17 per kilogram in the prices of liquefied petroleum gas before the end of the month.

Companies yesterday reduced by P44 prices for a 11-kg tank, or P4 a kilogram.

If the current downward trend in world crude prices continues, "we should expect some more rollbacks in diesel and gasoline," he said.