Those travelling to and from Vancouver Island and the Sunshine Coast via BC Ferries could see fewer fuel surcharges in the future after the company was allowed to apply its price-cap balance to higher fuel costs.
The BC Ferries Commissioner approved BC Ferries’ request to transfer its price-cap balance to the fuel deferral account. BC Ferries said the move will reduce the amount of fuel costs that would otherwise have to be recovered through future surcharges.
“The price cap limits the average amount BC Ferries can collect from fares over a rolling four-quarter period; it does not set the price of individual tickets,” reads a statement from BC Ferries. “Because travel patterns change throughout the year, the rolling average can move temporarily above or below the price cap. During the busy spring and summer seasons, more customers travel at regular fares, which generally causes the average to rise.”
In June, BC Ferries introduced a temporary five per cent fuel surcharge because of rising fuel costs and global market uncertainty. The company said it will continue monitoring fuel prices to determine whether future surcharges are needed.
BC Ferries said Saver fares will continue to be offered and are forecast to account for more than 20 per cent of fares offered to customers during the second half of the fiscal year.
