(LEAD) Subway, bus fares in Seoul to rise by 150 won, 300 won

▲ Passengers pass through ticket gates at a subway station in Seoul on July 12, 2023. (Yonhap)

(LEAD) Seoul-transportation fares

(LEAD) Subway, bus fares in Seoul to rise by 150 won, 300 won

(ATTN: RECASTS headline; UPDATES throughout; CHANGES photo)

SEOUL, July 12 (Yonhap) -- The basic fares for subway and buses in Seoul will go up by 150 won (US$0.12) and 300 won starting in October and August, respectively, city government officials said Wednesday.

The fare hikes were approved in a meeting of the Seoul city government's transportation fare adjustment committee convened earlier in the day.

It is the first time public transportation fares in the capital have been raised in eight years since the last markups in June 2015.

The basic subway fare currently stands at 1,250 won if paid by credit or transportation cards and 1,350 won by cash. The basic bus fare for intra-Seoul buses is currently 1,200 won by credit or transportation cards.

The fare hikes for subway and buses will be effective from October and next month, respectively.

The city had initially planned a subway fare markup of 300 won in April to cope with growing transportation budget deficits.

In line with the central government's stance to stave off rising living costs burdening households, however, the city had put off the hike plan to the second half.

It had also reportedly decided to go for two rounds of a 150-won hike over an extended period of time instead of a 300-won markup at once.

The city is expected to opt for another 150-won hike in the basic subway fare in the second half of next year.

In a press conference earlier this month, Seoul Mayor Oh Se-hoon said a fare hike of at least 300 won would be enough to offset the city subway service's growing deficit.

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