CALGARY — Starting Dec. 11, Canadian Pacific Railway will boost published tariff rates by 4% to reflect “a general tightening of the rail and truck markets across North America.”
In a news release, the railway said it will also implement a 3% fuel surcharge while prices remain at current levels. The fuel cost adjustment will apply to published tariff rates, and to new and renegotiated business.
The increases apply to all commodities except grain, most of which moves under rates regulated by the Canadian government.
The railway said its operating expenses in the first nine months of this year rose $87 million over the same period last year, “all of it due to higher fuel prices.” The cost of fuel been so detrimental that it can no longer be offset through operating efficiencies.
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