Seoul subway and bus fares are likely to rise by about 300 won from as early as April next year.

The Seoul city government said on Thursday that it will seek hikes in subway, intra-city bus and local shuttle bus fares for the first time in eight years.

The basic subway fare in the capital city has remained at one-thousand-250 won for seven years and six months since it was upped 200 won in June of 2015, while the bus fare has stood at 12-hundred won since the last hike of 150 won that same year.

The city government said it will seek to raise subway and bus fares by 300 won in late April of next year as the central government's budget for next year has excluded funds to offset the growing deficit stemming from fare-free subway rides for the elderly in Seoul and other regional areas.  

The city added, however, that in light of difficult economic conditions amid inflation, it will try to minimize the hikes and continue the city's financial support for the public transportation operators.