Boris Johnson has been urged to cut bus fares in the capital following a fall in the price of crude oil.
Despite oil prices falling around $60 per barrel, London’s bus passengers saw their fares increase this month to £1.50 per trip, up 5p on 2014’s prices.
Danny Alexander, Chief Secretary to the Treasury, has written to the Mayor seeking assurances that he’ll pass the saving, which reduces operating costs for bus companies, on to passengers “as quickly as possible.”
In his letter, Mr Alexander says: “The government is already providing generous support to transport in London, with an annual grant of over £1.5bn to Transport for London. However it is important given your role in setting fares that you play a part too in ensuring fares for passengers are as low as possible.”
The Liberal Democrat MP wants an assurance that City Hall will “take action to ensure the fall in fuel prices is passed on to bus passengers through reduced fares, and will do so as quickly as possible.”
In a statement he added: “With fuel prices dropping across the country it’s right that the full benefits are passed on. Falling oil prices are like a giant tax cut to the economy. But the positive effect will only be felt if the oil price falls are passed on.
“While drivers are already seeing the cost of filling up the car come down, the millions of Britons who use the bus are still paying what they did a few months ago.”