SINGAPORE: There will be an overall increase of 2.8 per cent to public transport fares following the conclusion of the 2014 Fare Review Exercise, the Public Transport Council (PTC) announced on Wednesday (Jan 21).
This year's fare increase is "lower across the board", compared to last year, thanks in part to falling fuel prices in 2013. But energy costs are not the only consideration in the fare adjustment formula.
The Energy Index, which accounts for 20 per cent of the quantum, captures the cost changes in electricity and diesel. The formula also takes into account the Consumer Price Index and Wage Index - at 40 per cent each.
For this year's review, the Energy Index was negative 12.6 per cent, due to lower energy prices in 2013. But the Consumer Price Index went up by 1.7 per cent, while the Wage Index increased by 4.3 per cent.
This brings the fare adjustment quantum to minus 0.6 per cent. But taking into account a 3.4 per cent increase that was rolled over from the previous exercise, this year's fare adjustment is 2.8 per cent.
This year's fare increase is "lower across the board", compared to last year, thanks in part to falling fuel prices in 2013. But energy costs are not the only consideration in the fare adjustment formula.
The Energy Index, which accounts for 20 per cent of the quantum, captures the cost changes in electricity and diesel. The formula also takes into account the Consumer Price Index and Wage Index - at 40 per cent each.
For this year's review, the Energy Index was negative 12.6 per cent, due to lower energy prices in 2013. But the Consumer Price Index went up by 1.7 per cent, while the Wage Index increased by 4.3 per cent.
This brings the fare adjustment quantum to minus 0.6 per cent. But taking into account a 3.4 per cent increase that was rolled over from the previous exercise, this year's fare adjustment is 2.8 per cent.
