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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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BC Ferries removes fuel rebates due to higher bunker costs

Canadian ferry operator to do away with rebate to customers on June 27.



Image credit: BC Ferries


Updated on 13 Jun 2018 06:22 GMT

BC Ferries has advised its customers that on June 27 it will be removing the fuel rebates it currently has in place "due to current world fuel market conditions".

Fuel rebates of 2.9 percent for BC Ferries' major and minor routes and 1.9 percent for the northern routes have been in place since the spring of 2016.

BC Ferries uses a fuel rebate/surcharge mechanism to manage the volatility in the price of fuel. When fuel prices are lower, BC Ferries passes lower fuel prices on to customers through a fuel rebate; but when fuel prices are higher, BC Ferries charges a fuel surcharge to cover the additional cost of fuel.

The company says it does not benefit financially from the mechanism.

Mark Collins, BC Ferries' president and CEO explained: "Over the past 14 years, we've had fuel surcharges, fuel rebates and periods with neither, depending on the market price of diesel fuel, so over the years it has basically been neutral for our customers.

"We know that the affordability of travel is important to our customers, and we use fuel deferral accounts and fuel hedging as tools to help reduce the impact that fluctuating fuel prices have on the cost of ferry travel."






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