Macattee says lower fuel prices and internal savings by the ferry corporation helped him set the cap.
The public is invited to comment on the proposal until June 30 and a final decision will be made in September.
However there will be no reduction in the 3.9 per cent fare increase which will take effect this April 1.
BC Ferries has been under fire in recent years for raising fares as it attempts to keep costs under control.
The B.C. Ferry Commission is an independent office that regulates the fares charged by BC Ferries Corporation.