According to state media Straits Times, Singapore’s state-owned duopoly public transport operators, SBS Transit and SMRT, has sent in their request to the government’s Public Transport Council (PTC) to raise fares. The propaganda papers also indicated that the fares would be raised by as much as 7.5%, under the new fare formula created by the PTC.
PTC has previously decided to scrap its former formula in March this year after realising the calculation derived a price deduction for transport fares. The PTC committee, led by government cronies, said the old formula did not reflect “rising costs” and blankly lied that Singaporeans are “happy to pay higher fares”.
The new formula gives lesser weightage to productivity, meaning that train breakdowns and service delays are less important to the fare price. Given today’s low oil price climate, the PTC deviously halved the weightage of oil prices in the new formula. Commuters will also now have to pay for rail infrastructure development in their fares.
The expected fare raise is expected to be passed in October, with the government’s decision being final and non-negotiable.
Already ranked the most expensive city in the world consecutively four year running, Singapore in the past year has seen the most number of tax raises. Water prices, electricity tariffs and airport taxes have seen double digit jump in 2018.