Intercity and express bus fares to rise 9% from October

[Financial News] The fare ceilings for intercity and express buses will each rise by 9% starting in October. The government plans to adjust fares in response to the bus industry’s financial difficulties and ongoing route cuts, while also expanding support for essential routes.
The Ministry of Land, Infrastructure and Transport announced on the 26th that, after consultations with relevant ministries, it will raise the fare ceilings for intercity and express buses by 9% each from Oct. 1.
The bus industry had initially sought increases of 17% for intercity buses and 20.1% for express buses since last year, citing higher transportation costs. However, the government adjusted the increase to 9% after reviewing cost calculations and considering the burden on users.
MOLIT explained that fare adjustments were unavoidable because rising labor and fuel costs have worsened the industry’s business conditions, while continued route reductions have made travel more inconvenient for local residents.
It also took into account the sharp rise in transportation costs as passenger numbers have still not fully recovered since the COVID-19 pandemic, while inflation, higher labor costs and recent fuel-price pressures from instability in the Middle East have added to the burden.
Jang Gu-jung, director-general for comprehensive transportation policy at MOLIT, said, "As many intercity and express bus routes, which are essential public transportation for regional areas, are being abolished due to worsening profitability, a minimum fare increase is necessary." He added, "Together with the industry, we will work to ensure that improved management from the fare adjustment leads to the discovery of new routes and better services."
[email protected] Choi Ga-young Reporter