BC Ferries cutting 3.4 per cent fuel surcharge
Published Monday, December 15, 2014 9:50AM PST
Last Updated Monday, December 15, 2014 7:11PM PST
Falling world oil prices have prompted BC Ferries to axe its unpopular fuel surcharge.
CEO Mike Corrigan announced Monday the 3.4 per cent charge would be eliminated as of Wednesday because of favourable market conditions.
“We have been hedging our diesel fuel costs and are now in a position to eliminate the fuel surcharge, which is great news for holiday travellers,” Corrigan said in a statement issued to media.
The cut will translate to a $2.25 discount for a vehicle and driver taking the Tsawwassen-Swartz Bay run.
Ending the surcharge will only provide brief relief for consumers: BC Ferries announced earlier this year that it would raise rates by 3.9% in 2015.
The corporation still has an outstanding balance in its fuel deferral account, but expects the debt to be eliminated in the first half of 2015.