Singapore’s public transport fares will reduce 1.9% from Dec 27 onwards due to falling oil prices. According to the government’s Public Transport Council (PTC), wages and expenditures of the private corporations SMRT and SBS went up but they are offset by the greater reduction in oil prices.

Screenshot of 1 year oil prices from Nasdaq
Screenshot of 1 year oil prices from Nasdaq

The last fare revision was in April where PTC raised the fares by 2.8%. However, oil prices since then has fallen more than 25%, but the fare reduction has only resulted in 1%.

The overall increase for transport fares in 2015 is 1.8%.

PTC did not correlate the increased number of train breakdowns occurrences to the fare adjustment, neither did they made any notes about the soaring profits of SMRT and SBS. SBS made S$6.09 million profit, while SMRT made S$20.1 million in the recent quarter. The privately-listed corporations have also been recently rewarded by the PTC a total of S$1.2 million for service improvement.