The Seoul Metropolitan Government said Thursday it will raise public transit fares by 150 won ($0.13) late this month to reduce mounting deficits in the public transportation system.

The minimum bus and subway fare will rise from 900 won to 1,050 won for adults from Feb. 25. Fares for children and teenagers will remain unchanged.

The decision to allow the fare hike was taken to lower deficits stemming from energy costs, fee discounts and some free rides, among other factors, officials said. It is the first rise in Seoul public transportation fees since 2007.

Public transit deficits have ballooned to about 3.5 trillion won in the last five years.

Last year alone, subway deficits surged 49 percent to about 574 billion won, while bus operators’ deficits jumped 104 percent to about 336 billion won.

The fee hike is projected to reduce total public transit deficits by 34.3 percent or 312 billion won.

By Lee Woo-young  (wylee@heraldcorp.com)