Bus fares will increase by 22 percent from midnight.
According to the National Transport Commission, the minimum bus fare will increase from Rs. 32 to Rs. 40.
Speaking during a media briefing held at the Department of Government Information this morning, Director-General of the NTC Dr. Nilan Miranda said the bus fare revision was necessary following the recent fuel hike.
He said a number of other factors were also considered when revising the bus fares.
The Director-General of the NTC said bus fares are revised annually on the 1st of July.
He said although bus fares were revised on four occasions this year, all increases were done based on the fuel price revisions.
Dr. Nilan Miranda noted that during the annual bus fare price revision, 11 factors are considered in addition to fuel prices.
He said based on all factors, they determined that bus fares must be increased by 21.85 percent.
The NTC Director-General said accordingly, a decision was taken to increase bus fares broadly by 22 percent.
Dr. Nilan Miranda noted that based on the revision, the minimum bus fare must increase from Rs. 32 to Rs. 39.04.
He said due to practical issues, they decided to increase it to Rs.40.
The Director-General of the NTC added that all 350 price blocks will be increased by 22 percent from midnight.
He said the new fares will be announced within the day and the revision will come into force at midnight.
Director-General of the NTC Dr. Nilan Miranda also confirmed if fuel prices increase by more than 10 percent in future, they will be compelled to revise bus fares once again.
Dr. Nilan Miranda noted that the fare revision will be applicable to all Sri Lanka Transport Board buses, private buses as well as intercity and semi-luxury bus services.
On Tuesday, discussions held between the NTC and representatives of private bus unions ended without an agreement on the bus fare revision.
Following talks, bus unions demanded a 30 percent bus fare hike due to the recent fuel price revision.