As of Monday, December 19, public transport operators will cut their rates by 15.3%.

According to a statement from the Road Transport Operators, the action is in line with the recent decline in gasoline prices.

The percentage of reduction was decided after discussions with important stakeholders.

“Following the negotiations and in consideration with the plight of drivers, commuters and the general public, we have resolved to reduce the existing transport fares by 15.3%,” the statement added.

“With the recent reductions in the prices of petroleum products, it became necessary to engage stakeholders to give consideration to a review of the fares in line with the Administrative Instrument.

“Consequently, series of negotiation meetings were held with the stakeholders to agree on an acceptable level of fare reduction commensurate with the current fuel prices,” portions of the statement from the transport operators said.

The reduction should be implemented smoothly, thus drivers and commuters have been advised.

Oil-related product prices have been declining recently, and more price declines are likely.

The costs of gasoline at the pump have begun to decline thanks to the nation's major oil marketing companies (OMCs).