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Tue 6 Oct 2009, 07:33 GMT

Ferry line increases fuel surcharge


Canadian firm decides to raise surcharge following a quarterly review of its fuel costs.

Canada's Marine Atlantic Inc. has announced that it will be increasing its fuel surcharge from the end of October.

As of October 26, the fuel surcharge goes to 13.8 per cent, an increase of 7.8 per cent from the current rate.

The Newfoundland-based entity, which provides a constitutionally mandated passenger and commercial marine transportation system between the Island of Newfoundland and the Province of Nova Scotia, made the decision after a regular review of its costs.

The fuel surcharge is designed to recover the amount the Corporation spends on fuel in the current fiscal year compared to the amount spent on fuel in 2006. To determine the amount to be collected the Corporation reviews and sets the fuel surcharge on a quarterly basis.

According to President and CEO Wayne Follett the cost of a litre of fuel since July 2009 has risen by between 9 and 18 percent.

Marine Atlantic says current forecasts indicate that bunker costs in 2009-2010 will be $3.8 million more than in 2006.

Fuel costs will be reviewed again in December 2009 for an update in January 2010.

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