Definitely all commuters will be happy on this news.
Source: ABS-CBN news
Jeepney fare back to Php 8.00 due to major oil price rollback
Jeepney fare is once again set to a mininum pay of Php8 starting today. Land 
Transportation Franchising and Regulatory Board (LTFRB) issued a recall order on the provisional fare increase of 0.50 that was implemented last March. This is in response to major price rollback of oil companies. Prices were cut by Php1.70 per liter for gasoline and Php1.50 per liter for diesel. Due to these price changes, gasoline is currently at Php54 per liter range, while diesel prices are now around Php44 perliter.
Atty. Manuel Iway, LTFRB Board Member, said transport groups failed to provide ample evidence that they are losing revenue. Moreover, in its last fare increase issued in March, the LTFRB declared that the provisional Php 0.50 increase for jeepney fare was conditional and agreed that it will be recalled once diesel prices hit Php45 per liter or lower.
However, transport groups said they will attempt to file an appeal regarding the LTFRB decision.
1 From Ahmad Radzi -
if the gas price goes up, does that mean jeepney drivers can automatically adjust their fare too? just wondering
2 From DiversityHuman.com -
Another question would be how about cab fares? :)