THE International Maritime Organisation’s new regulation for the world’s ocean-going vessels to use fuel with a maximum sulphur content of 0.5 per cent down from 3.5 per cent starting from the beginning of 2020 could push up diesel prices by 20 to 30 per cent, according to the International Energy Agency.

The new rules for the global oil market may also disrupt fuel supplies to all modes of transport.

The last time diesel prices shot up as much as the IEA is predicting was mid-2008, according to data from AAA. At that time crude oil hit a record high of US$145 a barrel.

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