Oil Prices & Public Transport Fares

In a recent speech by our Transport Minister Raymond Lim, he mention that the Government will try to moderate public transport costs next year, but tempered expectations that falling oil prices will translate into a similar drop in fares by saying that there is no direct correlation between the two.

Oil Prices & Public Transport Fares has no direct link? But I though higher oil prices will rise the operation cost which in turn hurt their profit earning. Wasn't this the main reason for them to appeal to the Public Transport Council (PTC) for a fare hike?