London mayor Sadiq Khan is reportedly considering implementing dynamic pricing to services operated by Transport for London (TfL).
Post-pandemic, fewer people use TfL services, reflecting an increase in hybrid working.
Thursday is reportedly the busiest day on the tube, averaging a carrying capacity of 87% of pre-pandemic levels.
Tube passengers currently pay peak fares from 6.30am to 9.30am and from 4pm to 7pm on weekdays, with all other times charged at lower off-peak rates.
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Khan said: “[Dynamic pricing is one] of the options that TfL is looking into. I have not made a decision in relation to what is doable in the short period of time we have got [to set the fares].
“We are getting numbers back but it is also right to look into the question of times of day, parts of London and so forth.”
The news comes after National Rail recently announced a 4.9% price rise from 03 March.
TfL’s income from fares is expected to increase by 11% in 2024/25 to £5.6bn, driven by a 6% increase in demand and a 5% rise in the amount paid by passengers, including a crackdown on fare evasion.
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TfL also expects to make its first-ever operating surplus of £144m in 2024.
Increasing fare revenue, property income and savings are expected to amount to £500m in savings by 2026/27.
Savings will be reinvested into transport schemes, claimed TfL.
Achievements and innovations in public transport will be celebrated at the third annual CiTTi Awards, which will be held on 26 November 2024 at the De Vere Grand Connaught Rooms in London. Nominations officially open in March 2024. Please visit www.cittiawards.co.uk to learn more about this unmissable event for the UK’s transportation sector.
