Request for London bus fare cut after oil prices drop

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Danny Alexander, Chief Secretary to the Treasury, has written to Boris Johnson urging him 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 fares reportedly increased this month to £1.50 per trip, up 5p on 2014’s prices.

Danny Alexander sought assurances that the mayor would pass the saving onto passengers ‘as quickly as possible.’

In his letter, Danny said: “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.”

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, bt 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.”