Time is almost up for New England fishermen before deep quota cuts limit their ability to fish for cod.

The New England Fishery Management Council voted last year to reduce the total allowable Gulf of Maine cod catch limit from 1,550 to 386 metric tons starting on Friday.

The quota cut will also reduce fishermen’s ability to land haddock, pollock and hake. Dealers say they expect prices for local fish to creep up this summer because supply will be lower than previous years.

Federal regulators say the cod quota cut is necessary because the level of cod spawning in the gulf is just a tiny fraction of its target.

The Gulf of Maine is one of two key cod fishing areas in New England along with Georges Bank.