Number of taxi, private-hire drivers grew 'much faster' than ridership, resulting in lower earnings: Amy Khor
She noted that average surge prices and net ride-hail fares had declined in the first half of 2023 from a peak at the start of that year. Prices are now back to levels seen in the first half of 2022. “Conversely, demand tends to decline during the school holidays when many Singaporeans are abroad,” she said. “These seasonal effects are another source of fluctuations in drivers’ income.”While the authorities watch developments in the point-to-point sector closely, they do not set fares as these are determined by transport operators based on market competition, said Dr Khor.
"When demand is higher and fares increase, we can expect more drivers to enter the market. Conversely, when there is excess supply of drivers, fares will drop and some drivers may decide to exit the market," she added. “Hence, I think it is really important to really look at the total earnings across time instead of just lower fare periods,” she said.
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