remember the times when you forked out note after note for your bus/mrt fares?
now you can relive them again - and even more frequently!

hooray for democracy!
more good years ahead!

SBS Transit, SMRT submit applications for fare adjustments By Imelda Saad, Channel NewsAsia | Posted: 01 August 2008 1938 hrs SINGAPORE : The wheels are in motion for another round of public transport fare hikes. Singapore's two public transport operators, SBS Transit and SMRT, have submitted their applications to the Public Transport Council (PTC) for fare adjustments. However, both companies would not give specifics as to the quantum requested. SBS Transit and SMRT attributed the need for a fare increase to soaring energy and fuel prices. SMRT said even a maximum fare adjustment of 3 per cent will not fully mitigate the inflationary pressures. The company said its energy costs rose by 18 per cent to nearly S$90 million due mainly to higher electricity and diesel prices. Diesel cost for buses amounted to more than S$42 million, 17 per cent higher than the last financial year. SBS Transit said it is proposing to keep concession, children and students fares unchanged. While the new fare formula allows for the maximum adjustment to be capped at 3 per cent, the PTC has said that any increase this year is likely to be less than the 1.8 per cent hike imposed last year. Bus fares went up by 1 to 2 cents last October, while train fares remained unchanged, because the PTC deemed that SMRT had healthy profits last year. The PTC will decide on the adjustment in September, and the new fares will take effect in October. Separately, the Competition Commission of Singapore has rejected the Singapore School Transport Association's application to impose a fuel surcharge and the need for a collective price recommendation. It said guidelines restrict independent pricing decisions, which is against free competition. However, the commission has no objections to fare increases, so long as it is decided on individually by bus operators. It added that it is monitoring the situation and will launch an investigation if it has reasons to suspect that prices are being coordinated among the school bus operators. - CNA/ms

source: http://www.channelnewsasia.com/stories/singaporelocalnews/view/364326/1/.html