Middle East

Bunker price in the Middle East hits a five-year low

Dubai: Bunker fuel prices at Fujairah have hit five-year lows as the price of crude oil continues to trend downwards.

Today, the outright price of 380 CST grade bunker fuel on a delivered basis was $359.50/tonne at the UAE port, according to Platts reports.

This is the lowest price seen since May 26, 2009, when the outright price reached $353.00/tonne.

Barge congestion at the port has helped firm the market a little, reports say, with some sellers unable to deliver before December 20.

Fujairah’s bunker fuel is currently selling at $11/tonne more than Singapore, the port’s biggest rival in the marine fuel market. [12/12/14]

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