Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
Mini taxis charging lower fares debut in Seoul
By Lee Hyo-sik
Seoul City said Sunday that vehicles with an engine capacity of between 1,000 cc to 1,600 cc were permitted to begin operating as mini taxis Saturday. The base rate is set at 2,100 won ($1.9), 300 won lower than the ordinary taxi rate of 2,400 won. The minimum fare covers the initial 2-kilometer distance.
Previously, only sedans with an engine capacity larger than 1,600 cc were allowed to operate as a cab.
The small-sized taxis add 100 won per every 37 seconds to the fare, the city said.
“Compared to ordinary taxies, mini cabs are about 15 percent cheaper. We think many passengers will prefer to ride with the small-sized taxis, which will encourage cab drivers to operate more vehicles with a smaller engine capacity,” a city official said.
Mini taxis are also expected to debut on the country’s southern resort island of Jeju this month. The base rate there will be likely set at 1,900 won for the first 2 kilometers, cheaper than that of large-sized taxis at 2,200 won.