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Ecuador has become the first country in the world to quote marine gasoil (MGO) above US$1800 per metric tonne following yesterday's weekly rise in bunker prices.

The price of MGO at Guayaquil, the country's major bunker port, soared by a staggering $150 yesterday to US$1802 per metric tonne following recent surges in the price of crude and gasoil.

Guayaquil, which is believed to account for over 60 percent of the bunker volumes sold in Ecuador, has seen the price of all major grades of fuel surge in recent months. However, the price of MGO has increased at a much faster rate than 380-centistoke and 180-centistoke since April, rocketing by over 40 percent in just two months.

In a comparison between the three major grades, MGO prices have risen at the quickest rate between April and June with current levels 43 percent higher than the US$1260 per metric tonne price being quoted only two months ago on April 10th.

Meanwhile, the price of 180-centistoke (cst) has climbed by 28 percent during the same period, rising from US$565 per metric tonne in April to current levels of US$724 per metric tonne. The current 380-centistoke price of US$656 per metric tonne is 25.4 percent higher than the US$523 per metric tonne price recorded on April 10th.