Gyeonggi Province Prepares Emergency Fuel Subsidy Support for Bus Companies Amid Soaring Oil Prices

[Suwon Ilbo=Reporter Kim Gap-dong] Gyeonggi Province announced on the 11th that it is providing emergency financial support of 66.2 billion won to 238 bus companies in the province this month to prevent operational disruptions for bus operators facing increased management burdens due to surging international oil prices.

Currently, there are a total of 15,760 buses in the province, with 5,054 diesel buses (32%), 5,320 electric buses (34%), and 5,143 compressed natural gas (CNG) buses (33%).

The province explained that it decided on this financial support after determining that continued oil price spikes would increase fuel costs for bus companies, potentially having a direct negative impact on public transportation operations—a vital lifeline for residents.

The 238 bus companies eligible for support include all operators of city buses, intercity buses, and village buses within the province.

The support will be provided by accelerating the timing of subsidy disbursements through the use of existing subsidiary business budgets, rather than allocating new budgets. Through this approach, the province aims to reduce the short-term financial burden on bus companies resulting from rising fuel costs and proactively secure the stability of public transportation operations.

Additionally, the province plans to continuously monitor international oil price trends and domestic fuel price fluctuations, while also checking the management conditions of the bus industry.

Yoon Tae-wan, director of the province's Transportation Bureau, said, "If the oil price surge continues for an extended period, we are additionally reviewing ways to expand the support scale," adding, "We will continuously monitor fuel cost changes and actively pursue necessary measures to maintain safe public transportation operations."