The Public Transport Council (PTC) reviews fares annually using a formula that tracks changes in the cost of providing public transport, including energy costs, wages and core inflation. The maximum allowable fare adjustment also takes into account fare adjustments deferred from previous years.

For the 2026 Fare Review Exercise, PTC used the period from July 2025 to June 2026 to calculate the maximum allowable fare adjustment. During this period, energy prices rose sharply following the conflict in the Middle East, contributing significantly to the fare adjustment formula.

While electricity tariffs may have fallen in Q4 2026, these changes were not reflected in the reference period used for the 2026 Fare Review Exercise. Changes in energy prices will be reflected in subsequent fare review exercises.