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People stand on the vehicle deck of the BC Ferries vessel Queen of Capilano as it approaches Bowen Island on a sailing from Horseshoe Bay, B.C., on Aug. 28, 2021.DARRYL DYCK

British Columbia’s premier has announced $500 million in new funding for BC Ferries to keep fares low for passengers.

David Eby says a recent submission to the BC Ferries commissioner showed global inflation over the past 18 months means travellers could see a fare increase of more than 10 per cent a year between 2024 and 2028.

He says this investment aims to keep annual fare increases below 3 per cent, though the final cost will be determined by the commissioner.

The province says the increase in costs like fuel and inflation are driving up overall fees for the service, and the funding will also go toward lowering greenhouse gas emissions through electrification of vessels.

Eby says this action is “the latest in a series of measures our government has taken to support British Columbians with their day to day costs.”

This comes a day after he announced another round of the BC Affordability Credit that he said would also help offset inflation costs as he marked 100 days at the province’s helm.

“This is good news for the people and communities who rely on BC Ferries and for the whole province, as small businesses and all of us depend on strong supply chains for goods and services,” Eby told a news conference on Sunday.

This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.