The Rail Transport Department is looking at using subsidies or tax measures to bring down fares on the city's electric trains.
Department chief, Sarawut Songsiwilai, on Wednesday said the ministry was examining these options before making a proposal to the new government. He did not spell out a time frame.
Fares on Bangkok's electric trains have been heavily criticised after studies revealed they are higher than those in some developed countries.
According to the Thailand Development Research Institute (TDRI), passengers in Bangkok are required to pay 67.4 baht a trip on average against 25.7 baht in Singapore. Hong Kong commuters also enjoy cheaper rides at 46.5 baht.
"Other countries can do so because they apply below-cost prices through state subsidies," Mr Sarawut said on Wednesday.
He floated the idea of setting up a special fund as a source to provide a subsidy here. The money would come from a "windfall tax" collected from people who benefit from surging land prices as a result of new railway projects, Mr Sarawut said.
He ruled out the idea of using funds raised from general taxation to subsidise fares.
"Only certain types of tax can be used to finance the fund because it's unfair to use taxes paid by every person," he said.
The newly formed Rail Department is waiting for the enforcement of a new act setting out its responsibilities and roles later this year. Then the department will set up a board of executives to regulate fares, he said.
Whether a push for cheaper fares bears fruit will largely depend on talks between the new government and private subway and elevated train operators, permanent secretary for transport Chaiwat Thongkamkoon said.
"Their contracts can be adjusted as long as the government can successfully negotiate with the operators to do what is good for the people," he said.