Gyeonggi Province announced an emergency financial aid package of 66.2 billion won for bus companies in response to soaring international oil prices, aiming to mitigate operational disruptions.
Gyeonggi Province has taken significant measures to support local bus companies facing increased operational costs due to skyrocketing international oil prices. On the 11th, the provincial government announced it would provide 66.2 billion won in emergency financial support to 238 bus companies this month. Currently, the province operates a total of 15,760 buses, comprising diesel, electric, and compressed natural gas (CNG) vehicles, which are all affected by rising fuel costs. The decision was made to prevent disruptions to public transportation services that could arise from mounting financial burdens on these operators.
The support will encompass city buses, intercity buses, and village buses, with funding being expedited from existing subsidy programs to mitigate the immediate financial strain. By front-loading these funds, Gyeonggi Province aims to ensure the long-term stability of public transport operations amid fluctuating fuel costs. This approach reflects a proactive strategy by the government to address the financial challenges faced by the transportation sector and maintain service reliability for residents.
Officials from the provincial transportation department indicated their commitment to monitoring international oil prices and domestic fuel costs closely. Yoon Tae-wan, head of the transport bureau, stated that if the trend of rising oil prices continues, they would consider expanding support measures. The government is dedicated to ensuring the safety and stability of public transport services and is poised to take necessary actions as the situation evolves, reinforcing the importance of providing reliable transportation for the public interest.
