Public transport operators may increase their fares by 4.3 per cent, said PTC on Mon. Announcing the start of the 2018 Fare Review Exercise (FRE), the council said the figure was obtained based on a new fare formula. “Based on the new fare formula applicable from 2018 to 2022 and taking into account the carry-over quantum of -3.2 per cent from the 2017 FRE, the maximum allowable fare adjustment quantum to be considered for 2018 FRE is 4.3 per cent,” said PTC. Energy prices in 2017 rebounded by 26.2 per cent over the previous year and this will be factored in this year’s fare formula. Other macroeconomic price indices in the fare formula have also increased over the past year. “The government has committed to spending $5 billion to subsidise public bus services, $4 billion to renew rail operating assets and an additional $20 billion on new public transport civil infrastructure over the next five years,” it said.... Continue Reading