Singapore — Delivered low sulfur marine gasoil prices in Hong Kong tumbled 17.93% in December so far versus November, as demand has been surprisingly weak despite the upcoming implementation of the Emission Control Area regulation, due to ample supply.

Prices have dropped from an average of $681.86/mt in November to $559.60/mt to date in December, S&P Global Platts data showed.

China will extend the 0.5% sulfur limit on marine fuels from Yangtze Delta to its entire coastline from January 1, a year ahead of the International Maritime Organization’s regulation. The IMO rule will cap sulfur in marine fuels at 0.5% worldwide from January 1, 2020, down from the current 3.5%.

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