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Oil surged to more than $71 a barrel today, hitting a 2009 high and passing the $70 level that Carnival Corp. & plc previously warned could trigger the reinstatement of fuel supplements.
However, Carnival Chairman and CEO Micky Arison said the company currently has no plans to pass higher fuel costs on to consumers.
‘At the time we suspended fuel supplements for our six North American brands, we reserved the right to reinstate them if the price of light sweet crude oil, according to the NYMEX, should increase above $70 per barrel,’ Arison noted in a statement.
‘While we have now exceeded that threshold, in light of the economic crisis and resulting consumer weakness, we presently have no plans to institute a fuel supplement.’
The Carnival chief added that the company will continue to monitor the situation in the markets and review its position as the situation warrants.
Until mid-December, a $9 per day supplement was charged by Carnival Cruise Lines, Costa Cruises, Cunard Line, Holland America Line and Princess Cruises, with The Yachts of Seabourn charging $15 a day.
In late 2008, Royal Caribbean Cruises Ltd., NCL Corp. and several smaller lines set $65 a barrel as the level at which they dropped their supplements. So far, no companies have indicated plans to revive them but only Carnival’s Arison has officially stated as much.
Oil prices have more than doubled in three months, and the Associated Press today said traders expect costs to hit $80 a barrel by July.
Oil hit a high of more than $147 a barrel last July before dipping to just over $32 in December.
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