Actually, given the status quo, all citizens are already paying more than the smrt fare stated........ and subsidising non citizens per trip. Because in the most simplistic logic, LTA use state money to maintain tracks, govt agencies give grants to the company, all these money come from the state. This is the underlying cost.
Take the total cost of these, plus the total fare collect from citizens and divide that total by the total trips made by citizens, that is the cost of the fares per trip. That's why the fares paid by non citizens are actually subsidized by citizens who are paying more than stated.
If the state has to subsidize a company listed on the sgx, then why get it listed where any positive economic benefits will be an outflow to shareholders. What does these shareholders contribute? Capital.
But, as more grants and subsidies are given to the company, all the proceeds from the disposal of the company will be returned to the buyer in the long run, and the company belongs to the buyer.
Imo, this is call spread legs let people fuck for free, then still got to take care of the baby at one's own expense.
Had the PAP govt not subsidised SMRT, the consumer would have to pay for the upgrading of the tracks thru increasing fares sir.