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The announced taxi fare hike is long overdue and will ensure that Singapore keeps its First Class Transport System status. The taxi has long been meant for the usage of the middle and upper class people as well as tourists. Poor , uneducated peasants can take the MRT or bus. This has long been the accepted social norm but in recent years, I have noticed a worrying trend: Poor uneducated peasants standing in taxi queues , vying with others for the taxis. With the latest increase in fares, pricing poor peasants out of the market, hopefully this unhealthy social phenomenon will cease and peasants will learn of their proper place in society!
Singapore's largest taxi firm hikes fares
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SINGAPORE | Mon Dec 5, 2011 7:31pm EST
SINGAPORE Dec 6 (Reuters) - Singapore's largest taxi operator ComfortDelGro announced an increase in its basic taxi fares, in a move that could push up inflation in the city-state that is currently running around two-year highs.
ComfortDelGro, the dominant player in an industry which also has around half-a-dozen other competitors, including SMRT Corp , said the move was part of an overall fare structure revision and cited increasing demand for transport services in the city-state.
The flagdown fares will go up between 20-70 Singapore cents while the fares on per meter basis will go up by as much as nearly 6 percent, according to Reuters calculations.
"Strong population growth and an increase in tourist arrivals have resulted in a significant spike in demand for taxi services throughout the day - even during traditionally 'off-peak' hours," the company said in a statement late on Monday.
ComfortDelGro said the new fare structure will come into effect from December 12. It will be its first fare revision since 2007.
Song Seng Wun, regional economist at CIMB Research, said the fare increase would be inflationary although the full impact will be felt early next.
A trader in Singapore said other taxi operators may follow ComfortDelGro's move.
Singapore's largest taxi firm hikes fares
inShare.0Share thisEmailPrintRelated TopicsIndustrials »
SINGAPORE | Mon Dec 5, 2011 7:31pm EST
SINGAPORE Dec 6 (Reuters) - Singapore's largest taxi operator ComfortDelGro announced an increase in its basic taxi fares, in a move that could push up inflation in the city-state that is currently running around two-year highs.
ComfortDelGro, the dominant player in an industry which also has around half-a-dozen other competitors, including SMRT Corp , said the move was part of an overall fare structure revision and cited increasing demand for transport services in the city-state.
The flagdown fares will go up between 20-70 Singapore cents while the fares on per meter basis will go up by as much as nearly 6 percent, according to Reuters calculations.
"Strong population growth and an increase in tourist arrivals have resulted in a significant spike in demand for taxi services throughout the day - even during traditionally 'off-peak' hours," the company said in a statement late on Monday.
ComfortDelGro said the new fare structure will come into effect from December 12. It will be its first fare revision since 2007.
Song Seng Wun, regional economist at CIMB Research, said the fare increase would be inflationary although the full impact will be felt early next.
A trader in Singapore said other taxi operators may follow ComfortDelGro's move.