CP cites diesel costs in rate hike
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
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.