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A Welsh Government spokesperson said: "An Equality Impact Assessment was carried out to help inform the funding decision on BSOG and LTSG for 2012-13.
Norman Baker, the Lib-Dem transport minister, acknowledged the threat to the BSOG in a written parliamentary answer, which said it was being examined to "ensure that it offers the best value for taxpayers' money".
But the Welsh Government has maintained BSOG - a rebate on fuel duty - at its previous level for at least six months, while alternative bus funding methods are explored.
The amount we're getting for BSOG rebate is reducing.
The main course is to come, when the impact of the BSOG cut in April is felt," said Mr Fowles.
Bus operators are paid Bus Service Operators' Grant (BSOG) - a partial rebate of fuel tax used to keep fares low, of about pounds 12m, although the government reduced BSOG by 20% this year.
But the CBT added the department figures also showed that removing BSOG would cost the economy PS3.
A further PS20m covers BSOG (Bus Service Operators Grant) which is paid to bus operators to offset the costs of fuel duty on the diesel they buy.
The Department for Transport reckons that BSOG helps to keep fares down and the number of services up, which is why BSOG wasn't cut in the Chancellor's recent spending review.
He said the impact of the BSOG cut and the recent sharp rise in rail fares would leave public transport less able to compete with the private car.
Since 2009, operators in Wales have enjoyed more generous BSOG rates for standard diesel than in England.
Mr Davies said BSOG would fall in England by 20% in April, but bus operators investing in greener vehicles or new technology would receive new payments.