SMRT to “keep pace” with ComfortDelgro’s fare increase

SMRT’s new taxi fares will be implemented on 20 December 2011.

OCBC Investment Research noted:

Taxi fare revisions similar to ComfortDelgro. SMRT announced yesterday that it would be revising its taxi fares to match the recent increase by ComfortDelgro. It cited the need to "keep pace" with its competitor's increase in order to provide its cab drivers with the ability to cope with higher fuel costs and rising cost of living. Some of its fare revisions included raising flag-down rates, increases in meter fares and extension of city area and peak period surcharges. The new fares will be implemented next Tuesday (20 Dec 2011).

Cannibalization effect by trains and buses likely to be minimal. A significant drop-off in commuters utilizing taxis resulting from the new fare structure is highly unlikely. While there may be some initial resistance by commuters, we see a reversion to normality once they become more accustomed to it. Previous fare revisions in 2006 and 2007 also met with largely negative reactions and threats of boycotts but given the increasing need for public transport in Singapore and elevating costs of car ownership, these reactions will simmer down eventually.

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