Bus fares for Oyster card users are to fall by 10 per cent from the end of September.
London mayor Ken Livingstone yesterday announced the move which will see the single bus fare fall from £1 to 90p on Pay as You Go.
The price of a weekly travel card will also fall from £14 to £13 from September 30.
Mr Livingstone said: "I am pleased that the strength of London's economy, and efficiencies achieved by TfL, mean that fares can now be reduced with no cutback in the investment programme or financial risk to the transport budget.
"This economic strength and operating efficiency creates benefits that should be returned to Londoners."
The cost of reducing the fare amounts to around £20million for the financial year up to the beginning of April 2008 and approximately £36million in a full financial year.
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