CP cites diesel costs in rate hike

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CALGARY, Alta. – The transportation industry as a whole continues to reel from the high costs of diesel fuel. Canadian Pacific Railway boosted its freight rates by three per cent on new and renewed transportation contracts, and then hiked published rates by the same amount on May 1.

“Fuel prices have increased well beyond CPR’s ability to offset the impact on its costs through efficiency measures,” the company said in a statement, noting it has taken aggressive steps to conserve fuel, including the $1 billion purchase of more fuel-efficient locomotives.

Montreal-based Canadian National Railway said it has no plans for an increase. n

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