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Thursday, June 8, 2023

Sri Lanka to raise bus fares by 22 percent from midnight June 30

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ECONOMYNEXT – Sri Lanka will increase bus fares by 22 percent from June 30 midnight onwards, National Transportation Commission (NTC) officials said.

NTC Director General Nilan Miranda said the price revision is according to a policy decision to revices prices on July 01 every year under the national policy.

With the Central Bank of Sri Lanka letting the rupee float in mid-March, all services and goods increased in prices overnight to make up the loss with rapid rupee depreciation that was observed.

Public transport fares also rose  four times.

“However in those times, only the price changes in fuel was considered in increasing the prices,” Miranda told reporters at a media briefing held on Thursday June 30.

“In the annual price revision, 12 factors including the fuel prices will be taken into consideration.”

Miranda said, according to other public transportation associations’ suggestions and calculations, a total of 32.04 percent increase in price should have happened.

“But in April, when the last price revision happened, it should have only increased by 24.76 percent. But with the rupee depreciation, and price increase of spareparts and other factors, the then transport minister gave the authority to increase it by 35 percent,” he said.

It was decided after discussions with transport unions and associations, said Miranda, to deduct the additional 10.24 percent received during the last price revision from the annual price revision of 35 percent.

After the deductions, he said, it was decided to increase all bus fares by 21.85 percent, or by rounding it off to 22 percent.

He said the current minimum bus fare of 32 rupees will be increased to 39.04 rupees after the revision.

“To make it practical it will be rounded off to 40 rupees, and other prices will be increased by 22 percent,” said Miranda.

The official said price revision will be in effect from midnight June 30 onwards and will be applicable for normal, semi luxury and luxury buses in both private and state sectors.

The bus fare price revision was done a day after the cabinet of ministers had given their approval to hike railway fares to meet the rising costs of the department. (Colombo/Jun30/2022)

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