China has recently announced an increase in fuel oil import quotas by 3 million metric tons for non-state firms in 2023, according to a notice released by the country’s Ministry of Commerce.

The total import quota for non-state firms in 2023 now stands at 19.2 million tons, up from the 16.2 million tons issued at the beginning of the year.

Accordingly, the price premium on M100 fuel oil over Singapore MOPs 380cst rose to $80 per ton in late November, a up from the previous range of $60 to $65 per ton in October, due to strong demand from China amid tight supply of low sulphur feedstock.