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The Bunker Index Med (BIX MED) - Bunker Index's average bunker price for ports in the Mediterranean - jumped $12.77 per tonne, or 2.4 percent, to $543.00 per tonne today as bunker prices surged in the region as a consequence of yesterday's $2.27 gain in the price of WTI crude.

Marine gas oil (MGO) prices recorded the most significant price increases with distillate levels surging on average by $23.85 per tonne, or 3.7 percent, as the Bunker Index MGO (BIX MED MGO) - the average price for marine gasoil (high and low sulphur) in the region - rose to $662.08 per tonne.

IFO 380 and IFO 180 prices also rose in Mediterranean ports today with the Bunker Index Med 380 CST (BIX Med 380 CST) surging by $11.78 to $463.89 per tonne and the BIX MED 180 CST increasing by $11.77 per tonne. Price levels were maintained in Novorossiysk due to the Christmas Eve holiday in Cyprus - where the majority of Novorossiysk suppliers are located - and prices were also unchanged in Lisbon with the main supplier Petrogal saying that it was also fully committed with deliveries until January.

As a result of the unchanged price levels, average regional IFO prices were pushed lower than port prices in Augusta, Fos, Genoa, Malta and Piraeus, where IFO levels rose by between $13 and $15 per tonne. Meanwhile, distillate prices increased by between $23 and $25 per tonne in the aforementioned ports.

Today's BIX MED rise is the highest daily increase seen during the month of December, surpassing the $12.52 surge seen on December 2nd.

Bunker prices in the Mediterranean are now on average $9.07 per tonne higher than at the close of business on Friday and $11.74 lower than at the beginning of the month.