While I was surfing the net, I stumbled upon this.
Fuel Equalisation Fund
In 1992, PTC instituted a mechanism to ensure that volatile fuel prices do not have a significant effect on public transport fares. Each operator is required to build up its own FEF over the years, up to a target level that is at least equal to the cost of one year's fuel consumption based on the reference fuel prices set by PTC on a yearly basis. The balance in the FEF of each public transport operator is shown in the chart.
As and when the need arises, the operators may draw down their FEF to cushion the impact of sharp transient increases in fuel prices, thereby enabling the operators to tide over periods of higher fuel prices without increasing fares. The operators are allowed to draw down their FEF subject to:
the FEF balance after drawing down being not lower than the cost of one year's fuel consumption based on the reference fuel price set by the PTC; or
PTC's approval, on a case by case basis, if it is otherwise.
http://www.ptc.gov.sg/services_fare.asp
If this was true, the transport companies do not have valid reasons to keep rising up their fares everytime and citing reasons such as increase in fuel prices as they have this "FEF" to rely on!
If this is not true..then the transport companies are really $$-suckers by up our fares to pay for their increase expenses.
and do you notice the FEF for 2 years straight are the same? Do you think there's something with PTC or the transport companies?
