The Karnataka State Road Transport Corporation (KSRTC) has announced a 7.96 per cent increase in fares for its Express services from Saturday midnight. The ticket prices of Volvo and other luxury services will not be affected by this hike.
According to a KSRTC spokesperson, the corporation had requested a hike of 15 per cent for its Express services, but only a 7.96 per cent increase was approved by the state government.
A statement from the KSRTC said the hike was necessary to recover huge losses incurred due to monthly increases in the price of diesel and increase in the dearness allowance for staff.
“The financial burden on the corporation because of the revision in the price of high speed diesel is `105.05 crore per annum. The price of high speed diesel has increased by `7.21 per litre since the last fare hike,” it said.
Apart from this, the corporation also has to bear an additional burden of `207.82 crore in terms of increased operational costs. The statement added that with the fare increase, the additional revenue mobilisation expected per annum is `123.87 crore and the additional cost is `207.82 crore. The deficit will be mobilised by improving the efficiency of operations.