04 October 2005:
Commenting on the latest rise in oil prices Keith Moffatt Translink’s Chief Executive explained; “By purchasing fuel in advance in 2004 Translink has been able to avoid large fare surcharges for Metro, Ulsterbus and NI Railways.”
However the company has warned that this cannot last.
Mr Moffatt continued; “We are all painfully aware of the escalating prices of oil. , Crude oil prices rose by about 30% last year to levels not seen since the early 1980s and oil prices have reached a record $68 per barrel. Petrol has increased by 30% in the last 12 months and home heating oil by 50%.
‘Because of the way the tax on fuel system works, the cost of fuel to Translink has risen by an even greater amount, but owing to effective management and forward planning our fuel costs are frozen until March (06) when we will have to review our fare structure. Unlike airlines and other public transport companies throughout the UK we have been able to avoid fuel surcharges so far.’.
“But come April (06), substantial above inflation fares rises look like being inevitable possibly around 10%, but we will work hard to keep these to a minimum and continue to offer value for money services. We are confident that public transport will remain competitive and will provide a cost-effective alternative to the private car.”
In the meantime car-users wishing to avoid the pain of petrol price rises should try out the green alternative!
ENDS
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