MTR fares to cut 1.7%
Mass Transit Railway fares will cut 1.7% in late June according to the existing Fare Adjustment Mechanism, the Transport & Housing Bureau said today.
In response to media enquiries, the bureau said the mechanism is open, objective and transparent, adding fares are adjusted in accordance with government statistics to ensure that the changes reflect the economic situation.
Since there is a fare cut this year, fare adjustment rates to be recouped will be carried forward to next year.
The bureau said the Government has all along requested the MTR Corporation to respond to public concerns and offer more fare concessions after taking into account the overall economic environment, market conditions, the company's operating situation and passenger needs, in addition to revising its fares according to the mechanism.
It noted that the corporation will offer various additional fare concessions so that passengers can enjoy an actual fare saving of around 5% for each trip from April 1 this year to January 1 next year.