Public transport operators SBS Transit and SMRT on Thursday took the first step towards raising bus and train fares by applying to do so, citing rising costs.
The last fare increase took place two years ago and one planned for last year was deferred due to a review of the fare formula.
The review committee submitted its recommendations in a report last month, all of which were accepted by the Government.
In a statement, SBS Transit said it "continues to face significant cost pressures despite increased efforts to lower costs and increase productivity".
Rival SMRT had earlier said it sought a better alignment between fares and operating costs.
A Public Transport Council spokesman said it had received applications from both operators and would decide by next March. The fare rise will combine the 2012 and 2013 exercises.
The maximum allowable fare increase for these two years combined is 6.6 per cent. If the council grants a lower percentage, any difference will be rolled over to 2015.
Transport Minister Lui Tuck Yew had previously said that any fare increase should not exceed this year's average wage rise.
The committee's other recommendations include providing more concessions and subsidies for groups such as lower-income commuters and students.
Observers say full-paying adult commuters are likely to face the biggest jump in fares to help pay for some of the subsidies.
