The Lanka Private Bus Owners’ Association (LPBOA) says that bus fares will not be revised despite the recent increase in fuel prices.
Association Chairman Gemunu Wijeratne said that the fuel price increase has not reached the 4% threshold required under the bus fare revision formula, making a fare increase impossible at this stage.
However, he noted that the bus industry is already operating at a loss, with daily losses of around Rs. 1,000 on short-distance services and Rs. 2,000 on long-distance services.
“We understand that diesel prices have increased by Rs. 5. The price of a liter of diesel has now increased by a total of Rs. 15. However, this has resulted in losses for the bus industry.
“We have taken a policy decision that bus fares will only be increased when the increase reaches the 4% threshold under the fare revision formula. At present, that 4% threshold has not been reached. Therefore, we have no legal authority to increase bus fares.
“Nevertheless, we have been left with no choice but to continue operating the bus industry at a loss. Generally, we incur a daily loss of around Rs. 1,000 on short-distance services and Rs. 2,000 on long-distance services,” he said.
