Punjab's Speedo Bus Service faces shutdown due to financial crisis
In a troubling development for commuters in Lahore, the Speedo Bus Service, initiated by the Punjab Government to provide quality public transport, is on the verge of collapse. Despite its aim to offer economical transportation solutions, the service is grappling with a severe financial crisis, exacerbated by soaring petroleum prices, inflation, and dwindling revenue.
The Department of Transport, responsible for the service's operations, has come under scrutiny for its lack of action to address the mounting challenges. Reports indicate that no concrete action plan has been adopted to keep the Speedo Bus Service operational, with no application made for funds to purchase buses in the upcoming fiscal year. Contractors involved in running the service have expressed their reluctance to continue operations beyond March 2025, citing unsustainable financial pressures. Of particular concern is the Speedo Bus Service operating on Metro Bus feeder routes, which is teetering on the brink of bankruptcy.although the agreement for Speedo Buses on feeder routes remains valid until June 2029, the current financial situation casts doubts on its continuity. Should the Speedo Bus Service be suspended, it would impose a significant burden on the government treasury, necessitating substantial subsidies to alleviate the impact on commuters. Reports suggest that the government would be obligated to pay a staggering amount of 12 billion 960 million 8.6 million in subsidies if the service ceases to operate until 2029.