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OK, seeing as literally none of you asked, I made a graph of 18 years of bus fares in Edinburgh (on Lothian Buses - nobody really uses First Bus) 
Until 2013, it's almost as if you could set the bus fares by the increasing cost of diesel. Then something else happens... 
(I should declare that this is not a pop at Lothian Buses whom I think are by and large, fabulous, they pay their staff well, provide a comprehensive service and have invested massively in a modern, accessible fleet with increasingly improved emissions)
