A headmaster in a non-government school told the Shanghai Morning Post that the school intended to raise the fare from 350 yuan ($56) to 450 yuan per month.
Many schools are planning to buy new buses that meet the national standards, as required by Shanghai education authorities, the report said.
The cost of one type of new buses, the Saic Maxus Guardian Star, ranges from 210,000 yuan to 230,000 yuan.
School buses are mainly used by non-government schools as most students in public schools live close to their schools.
Shanghai has 1,954 licensed school buses serving 383 high schools, middle schools, primary schools and kindergartens, as well as international schools.