BAKU, Azerbaijan, September 25. The cost of bunker fuel will rise due to the increase in emission quotas, the Co-owner and Director of the Marine Bunker Exchange (MABUX), Sergey Ivanov said, Trend reports.
He made the annlouncement at the “Caspian and Central Asia – Refining, Petrochemicals, Trade, and Logistics” event in Baku.
Ivanov stressed that a emissions trading system will be introduced in Europe on January 1, 2024, under which ship owners and operators will be required to purchase carbon dioxide emission quotas. The first deadline for ship owners and operators to pay quotas for 2024 is in October of this year.
According to him, the increase in emission allowances will lead to a gradual rise in prices. Thus, in 2025, the price of bunker fuel will increase by 17 percent, and in 2026, by 22 percent compared to the usual cost.
According to forecasts, by 2036, the price of marine gas oil will approach $1,200 per ton, and low-sulfur fuel oil will approach $1,000 per ton.