The Ministry of Land, Transport and Maritime Affairs said Friday that the fares for intercity buses and express buses would rise by 7.7 percent and 4.3 percent, starting from March 2.
According to a transportation ministry official. The hike was inevitable due to the steep rise in transport costs, which was triggered by the soaring oil prices and labor costs.
We have frozen the corresponding rates over the past two years and six months, out of consideration for the economic stagnation and the resulting burden on the people.
Fortunately, not a huge increase, but could have been worse
The fares for a standard express bus from Seoul to Busan will be increased 600 won to 22,600 won, while the price of tickets for the premium bus will be raised by 900 won to 33,700 won.
The change is not retroactive, so customers who bought tickets before the fares went up will not have to pay extra for the price difference, officials said.
The new rates are part of a compromise the government reached with the bus companies who originally were pushing for a 20.41 percent hike for intercity buses and 6.59 percent for express buses.
Authorities are also in the process of upgrading the current bus ticketing system so that passengers will soon be able to book tickets for any route at all 87 express bus terminals throughout the nation.
For more on fares and routes go here.