The election commitment would cost just under $1.3 billion over four years and will include train, tram and bus fares across the state.
However, V/Line services which cover much of regional Victoria will be excluded.
The opposition will slash daily zone one and two fares from $9.20 to the capped $2 cost.
Opposition Leader Matthew Guy said the plan would help assist ongoing cost-of-living struggles for families.
“Behind keeping a roof over their heads and food on the table, transport is one of the biggest costs for thousands of families’ bottom lines,” Guy said.
Under the plan, the free tram zone will also remain, as will other existing concession and discount tickets.
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The cap would remain in place for at least four years.
Meanwhile, Victorian Premier Daniel Andrews pledged to remove seven level crossings and close two more on the Frankston Line by 2029, if re-elected.
As part of the removals, new stations at Highett, Mordialloc, Aspendale and Seaford will be built.
“We know how important removing dangerous and congested level crossings is, that’s why we’ve removed 67 of them. But now we’ll do more, getting rid of every single level crossing along the Frankston Line,” Andrews said.
“It’s safer and it means you will get home sooner.”
