SINGAPORE - Bicycle-sharing firm ofo raised its prices on Tuesday (Oct 9), less than two weeks after the Land Transport Authority announced that it would grant licenses to six bike-sharing companies to operate in Singapore.

Chinese firm ofo announced the update to its prices on its mobile application.

The company will charge users a fee of $0.50 to unlock one of its bicycles, and an additional $0.50 for every 15 minutes of use or part thereof.

For example, a 10 minute ride will cost users $1, while a 16 minute ride will cost users $1.50.

This is an increase from the previous price of $0.50 for each 30 minute period.

The price of ofo passes, which allow users to rent ofo bicycles for flat fees over one to three months, has changed as well.

A 30-day ofo pass will now cost $8.99, up from $6.99. A 60-day pass will cost $16.99, an almost $2 increase from $15 previously. A 90-day pass, which used to cost $25, now costs $26.99.

In the announcement, ofo wrote: "At ofo, we always strive towards a better riding experience. This includes improving our app, technology, and support."