EUROA V/Liine commuters will save almost $40 on a daily ticket to and from Melbourne when capped pricing comes into effect in time for school holidays this Friday.

A return trip to Southern Cross Station for an adult will cost $6.70 same day return and $15.90 for a return ticket on another day, while concessions will only be $4.60 to return same day and $7.95 on another day.

This compares to the current cost of a V/Line return ticket from Euroa to Southern Cross Station at $45.20 per adult and $22.60 for concession.

It was one of the Labor Government's election campaign promises and Premier Daniel Andrews talked about the win for commuters at Southern Cross Station last week.

"It's about giving to regional Victorians the same fare equity that metropolitan Melbourne passengers have enjoyed for a long time," he said.

"It's about making sure our regional families, whether it be coming to the football, attending a medical appointment or indeed travelling to work can have the same fare structure and the same deal that metro passengers have."

Mr Andrew said COVID has impacted the number of regional people travelling to Melbourne – down 80 per cent of pre–COVID levels – and it was a good time to introduce the fare cap to boost these numbers.

"Other networks across the world would have taken years to deliver a big change like this – it's been delivered in four months and bookings are now open," he said.

"After talking to people across regional Victoria and even talking to my own Mum, who travels down on the train from Wang to attend specialist appointments and to visit her grandkids, it's a big difference to have that money in your pocket rather than in ours.

"That's exactly the right thing to do during a whole lot of challenges people are facing given the cost of living at the moment."

Mr Andrews said it's not just about people travelling to Melbourne, it's about people heading out to regional Victoria and taking their money with them, which boosts tourism.

The cap will also apply to interstate travel within 60km of the Victorian border, to ensure those living in border communities in New South Wales and South Australia benefit as well.

The fare cap applies to all PTV regional buses, town buses and V/Line trains and coaches.

With the scheduled rollout of more VLocity trains on Victoria's railways in 2024, Mr Andrews mentioned hundreds of additional services that will become operational; however, the Albury Line will luck out with no new services confirmed.