The National Transport Commission (NTC) said today that bus fares will not be raised in the near future despite a fuel price hike by the Lanka Indian Oil Company (LIOC) recently.
NTC Chairman, Sashi Welgama said however that bus fares may have to be reviewed if the Ceylon Petroleum Corporation (CPC) increases its fuel prices as well. Yet he said until that happens no decision can be made on any amendments to the existing bus fares.
“If there is an increase in fuel prices by the CPC we will have to consider by how much bus fares will be increased. However for the time being there will be no increase whatsoever,” Welgama said.
Bus fares are usually reviewed during the months of June and July each year according to a formula that has13 variables which includes the purchase price of a bus, fuel prices, lubricant prices, EPF/ETF, bank or leasing company interest rates and other factors and bus fares are raised accordingly.
Welgama said that it is difficult to determine as to whether bus fares will have to be reviewed in the immediate future or in June. The process of calculating the formula is conducted by a committee that comprises of the NTC, private bus associations, the treasury and the Ministry of Transport. (Olindhi Jayasundere)