Bolt confirms surge in prices due to low supply of taxis, increased demand

Prices on the ride-hailing platform Bolt have surged recently due to a lower supply of cabs, which is failing to meet increasing demand levels.

A company spokesperson told MaltaToday that an unbalance between increasing demand and a lower supply of cabs is resulting in longer waiting times and longer periods of surge prices.

“Prices are directly influenced by the balance between supply and demand of the marketplace,” the spokesperson said. “Bolt remains firmly committed to transparency and fairness in all matters related to its operations and work policies”.

The price fluctuations come after hundreds of non-EU nationals applying to work as taxi drivers and food couriers had their work permit applications refused.

Prime Minister Robert Abela said this is a strategic decision that was taken by the authorities in recent weeks.

Bolt said it has reached out to government authorities to discuss the ongoing situation and find a solution after, but pointed out that less than 5% of third-country nationals in the country are registered to operate as couriers or cab drivers in Malta through its platform.