Four Hong Kong franchised bus operators have applied to raise fares by up to 17.7 per cent, citing “significant financial pressure” from soaring fuel prices driven by the Middle East conflict.
Citybus has sought the steepest increase, at 17.7 per cent, followed by the KMB Company at 16 per cent. Long Win Bus and New Lantao Bus have applied for rises of 8.1 per cent and 9.8 per cent respectively, according to a paper the Transport and Logistics Bureau submitted to the Legislative Council on Wednesday.
The bureau said the sharp rise in diesel pump prices triggered by the Middle East conflict had imposed an additional burden on the operators, creating “significant financial pressure and operational difficulties”.
It noted that the four companies’ fuel purchase prices jumped by about 75 to 134 per cent in March compared with January, pushing fuel expenditure up by 85 to 132 per cent over the same period.