Average bunker fuel prices ($/metric ton) for Intermediate Fuel Oil (IFO) 380CST, IFO 180CST, Marine Gas, and Very Low Sulfur Fuel Oil (VLSFO) across 20 major global bunkering locations.

In August 2025, the average monthly price of very low sulfur fuel oil (VLSFO) stood at ***** U.S. dollars per metric ton. The price of VLSFO is strongly influenced by external factors, such as the price of crude oil and market forces of supply and demand. In the past two years, two separate events have had a profound effect on the price of VLSFO: the International Maritime Organization (IMO) sulfur cap on fuel oil in 2020 and, more recently, the Russian invasion of Ukraine and the Israeli invasion of Gaza. Effects of the 2020 IMO sulfur cap In January 2020, a new limit on the sulfur content in fuel oil was introduced by the IMO. The goal of the cap was to reduce the concentration of sulfur in the air, thus reducing air pollution and preventing harm to marine ecosystems as well as protecting human health. Ship operators were forced to switch to VLSFO to comply with the new regulation, leading to a higher demand for VLSFO which in turn caused the price of VLSFO to increase to *** U.S. dollars per metric ton in January 2020. Shortly afterward, the world was hit with the outbreak of the COVID-19 pandemic. With production facilities shutting down worldwide, maritime transport considerably slowed, driving the price of VLSFO to a historic minimum of *** U.S. dollars per metric ton in April 2020. Escalating conflict in Ukraine could raise fuel prices After the Russian invasion of Ukraine in February 2022, most of the West reacted by imposing sanctions on Russia to weaken its economy. Although vital for the Russian economy, the Russian oil industry remained untargeted by direct sanctions during the first days of the invasion. However, sanctions cutting off Russia’s access to international financial markets and the SWIFT payment system, as well as divestments of Western oil companies from the Russian oil industry, could severely impact the country’s oil sector. In 2020, Russia was the third-largest producer of crude oil in the world, accounting for about ** percent of the world’s crude oil production. Disruptions to the Russian oil industry could, therefore, have consequences for the supply of oil to the global market and drive prices up. Since crude oil is the main component of VLSFO, an increase in the price of crude oil will most likely lead to a rise in the price of VLSFO.

Graph and download economic data for Average Price: Fuel Oil #2 per Gallon (3.785 Liters) in U.S. City Average (APU000072511) from Nov 1978 to Sep 2025 about fuels, energy, retail, price, and USA.

Get the latest insights on price movement and trend analysis of Fuel Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

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Bunker Fuel Market Size 2025-2029

The bunker fuel market size is forecast to increase by USD 33.8 billion, at a CAGR of 4.5% between 2024 and 2029.

The market is driven by several key factors, including the increasing naval expenditure and the growing LNG industry. Naval forces worldwide continue to expand their fleets, necessitating a significant demand for bunker fuel to power their operations. Furthermore, the transition towards cleaner energy sources in the maritime sector is gaining momentum, with the LNG industry experiencing robust growth. However, this market landscape is not without challenges. Fluctuations in oil and gas prices pose a significant threat to market stability, as bunker fuel is derived from these commodities. These price volatilities can impact the profitability of bunker fuel suppliers and consumers alike, necessitating effective risk management strategies. Additionally, the growing demand for LNG is leading to an increase in demand for bunker fuel as LNG carriers require large quantities of fuel for their operations. 
Companies seeking to capitalize on market opportunities must stay abreast of these trends and challenges, adapting their business models and operations accordingly. Navigating the complexities of the market requires a deep understanding of its underlying dynamics and the ability to respond swiftly to market shifts. Fleet management and optimization are crucial for minimizing fuel consumption and maximizing efficiency. The industry is exploring various solutions to reduce emissions, from fuel efficiency improvements to alternative fuels like liquefied natural gas (LNG) and biofuels.

What will be the Size of the Bunker Fuel Market during the forecast period?

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The market continues to evolve, driven by a complex interplay of factors. Liquefied petroleum gas (LPG) is gaining traction as a cleaner alternative to heavy fuel oil (HFO), aligning with International Maritime Organization (IMO) regulations. Ship management companies are increasingly focusing on fuel optimization, incorporating advanced technologies to enhance engine performance and reduce emissions. Bunkering operations and infrastructure are adapting to accommodate various fuel types, including marine gasoil (MGO) and LPG. Freight rates and shipping economics are influenced by fuel costs and the ongoing shift towards cleaner fuels. Fuel delivery methods, from traditional bunkering vessels to new technologies like fuel cell trucks, are evolving to meet changing market demands. IMO regulations, such as Marpol Annex VI and Marpol Annex IV, are driving the maritime industry towards stricter emissions standards.

Fuel quality and handling are critical aspects of ensuring compliance, with fuel testing and optimization playing essential roles. Ship design and hull optimization are also key factors, as new technologies like hybrid propulsion, shaft generators, and carbon capture are gaining traction. Ballast water management and emissions reduction technologies are also becoming increasingly important, as the industry strives for sustainable shipping practices. The market is a dynamic and evolving landscape, with ongoing activities and unfolding patterns shaping its future. From fuel optimization and emissions reduction to the adoption of new technologies and alternative fuels, the market is poised for continuous change.

How is this Bunker Fuel Industry segmented?

The bunker fuel industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  MGO
  HSFO
  VLSFO


Application

  Container
  Bulk carrier
  Oil tanker
  General cargo
  Chemical tanker


Distribution Channel

  IOC/NOC
  Large independent distributor
  Small independent distributor


Geography

  North America

    US


  Europe

    France
    Germany
    The Netherlands
    UK


  Middle East and Africa

    UAE


  APAC

    China
    India
    Japan
    Singapore


  Rest of World (ROW)

By Type Insights

The MGO segment is estimated to witness significant growth during the forecast period. Marine gas oil (MGO), a distillate fuel derived from crude oil through refining, is widely used in ships and marine vessels due to its lower sulfur content, ensuring compliance with stricter emissions regulations, particularly in Emission Control Areas (ECAs). MGO's cleaner properties, including lower viscosity and density compared to heavy fuel oils (HFO), facilitate easier handling and combustion. Environmental compliance is a significant factor driving the demand for MGO in the maritime industry. Fuel costs, a crucial component of shipping eco

Purpose of collection: This dataset mainly provides the latest fuel price information for marine fuel (domestic routes) of CPC Corporation, Taiwan. The data source is internal company data.

Explore the dynamic pricing of High Sulfur Fuel Oil (HSFO) in the global energy market, influenced by regulatory changes, demand shifts, and geopolitical factors, particularly after the IMO 2020 sulfur cap regulation.

The daily price of very low sulfur fuel oil (VLSFO) has been oscillating since the beginning of January 2022. On December 13, 2022, the price of VLSFO stood at *** U.S. dollars per metric ton. With the onset of the Russia-Ukraine war, the price of bunker fuel has notably increased in 2022, before dropping again at the end of the year.

Global Fuel Prices Database provides monthly retail fuel prices of regular gasoline (research octane number, RON, below 95), premium gasoline (RON of 95 or above), diesel, kerosene, LPG for automobiles, bottled LPG, heating oil, and HFO for the period between December 2015 and April 2025. The database relies on publicly available information. For countries that regulate fuel prices, the author manually collected monthly price announcements from the websites or social media of petroleum agencies, ministry of finance, ministry of energy, and statistical offices. In some cases, the data were sourced from local news articles publishing the government’s press releases on price adjustments. For countries with deregulated prices that conduct regular fuel price surveys, the author manually collected the published monthly average prices for the country and if available for several major cities in the country.

The global marine bunker oil market, valued at $148.92 billion in 2025, is projected to experience robust growth, driven by the increasing global trade volume and expansion of the shipping industry. A Compound Annual Growth Rate (CAGR) of 5.3% from 2025 to 2033 indicates a significant market expansion. The demand is fueled by the rising need for efficient and reliable fuel sources for commercial and military shipping vessels. The market segmentation reveals a strong presence of residual fuel, which currently dominates the market due to its cost-effectiveness, although distillate fuel is gaining traction owing to increasingly stringent environmental regulations and a focus on reducing emissions. Key players like BP, Shell, ExxonMobil, and Total Marine Fuels are leading the market, competing on price, supply chain efficiency, and the provision of innovative fuel solutions. Geographic distribution showcases significant demand in regions with high maritime activity like North America, Europe, and Asia Pacific, but emerging economies in South America and Africa also represent substantial growth opportunities. The market faces challenges, however, including fluctuating crude oil prices and the ongoing transition towards cleaner, more sustainable marine fuels, creating both opportunities and pressures for market players to adapt and innovate. The continued growth in global trade and the increasing complexity of shipping routes are expected to bolster demand for bunker fuel throughout the forecast period. The industry's evolution towards lower-sulfur fuels, driven by international environmental regulations, represents a significant shift. This presents opportunities for companies investing in the production and distribution of compliant fuels, but also challenges for those needing to adapt their infrastructure and operational models. Furthermore, technological advancements aimed at enhancing fuel efficiency and reducing emissions are creating a dynamic landscape, prompting ongoing competition and innovation within the marine bunker oil market. Future market performance will depend heavily on the evolving global economic climate, the pace of environmental regulation implementation, and the adoption of alternative fuels and technologies.

Explore the dynamics of low sulfur fuel oil (LSFO) pricing influenced by environmental regulations, crude oil prices, supply chain disruptions, and global demand patterns. Understand the impact of IMO's 2020 sulfur cap, market volatility post-pandemic, and advancements in alternative fuels and technologies.

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Bunker Oil Market Size 2022-2026

The bunker oil market share is expected to increase by 79.59 million tons from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.1%.

The maritime transportation sector strives to balance the demand for cargo, shipping efficiency, and environmental responsibility, the adoption of LNG, scrubbers, and eco-friendly fuels like liquefied natural gas is transforming the industry. Emission regulations, coupled with research and development, are driving the creation of cleaner, more efficient technologies that reduce air pollution, improve operational efficiency, and ensure sustainable shipping routes well into the future.The bunker oil market is evolving rapidly due to advancements in shipping technology and growing demand for fuel efficiency and clean fuels. Green shipping initiatives are encouraging the adoption of alternative marine fuels such as biofuels, LNG, and hydrogen fuel cells, driving changes in LNG bunkering infrastructure and fuel optimization technologies. The rise of autonomous shipping and digital shipping is enhancing shipping logistics, while maritime data analytics and shipping analytics provide insights into fuel supply, port operations, and shipping emissions. With maritime decarbonization efforts, shipping finance and shipbuilding are shifting towards high-performance vessels powered by renewable energy sources. The market also faces challenges related to maritime cybersecurity, maritime law, and shipping regulations, driving the need for maritime security and shipping insurance.

What will the Bunker Oil Market Size be During the Forecast Period?

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The shipping industry is undergoing significant transformation as it faces increasing pressure to reduce its carbon footprint and comply with stringent emission regulations. This shift is particularly evident in the adoption of eco-friendly fuels and exhaust cleaning technologies, such as scrubbers, which are now commonly used on maritime vessels like tankers, container ships, and bulk carriers to reduce sulphur oxides and nitrogen oxides emissions. One of the most notable changes is the switch to low-sulphur fuels, in line with global initiatives to cut down on air pollution, particularly in shipping routes near major urban areas and coastal regions.

In addition to low-sulphur fuels, the industry is increasingly turning to liquefied natural gas (LNG) as an alternative to traditional heavy fuel oil. LNG-based vessels are more efficient and emit fewer pollutants, offering an attractive solution for maritime transportation. Companies are also looking into LPG (liquefied petroleum gas) for power generation on vessels. As part of efforts to decarbonize shipping, organizations like SEA-LNG are advocating for the widespread adoption of LNG-based vessels as an alternative to more polluting fuels.The demand for fuel supply stability and reliability has also led to the rise of logistical networks that support the growing number of LNG-based vessels, and this includes securing reserves and ensuring proper bunker fuels availability at ports. Vessels that run on liquefied petroleum gas or LNG are seen as a viable option to meet both regulatory compliance and the shipping industry's operational needs.

Bunker Oil Market Dynamics

Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The increasing naval expenditure is notably driving the bunker oil market growth, although factors such as fluctuations in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the bunker oil industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Bunker Oil Market Driver

The increasing naval expenditure is one of the key factors driving the growth of the global bunker oil market. In the current scenario, the external threats that any country faces pertain to security issues. These external threats may be another country, a terrorist organization, or an individual. To combat this, governments in various countries are increasing their spending to raise the defense capacities of their countries. As a crucial part of the armed forces, overall naval spending has also witnessed a significant increase. Moreover, global military expenditure is likely to increase during the forecast period. In 2019, The US topped the list of the largest defense spending nations globally, followed by China, Saudi Arabia, India, and Russia. In addition, certain countries such as Indonesia and South Korea have also increased their military spending substantially over the past few years. However, most naval ships perform patrolling operations around the globe apart from their littoral zones; they als

According to Cognitive Market Research, the global Bunker Fuel market size is USD XX million in 2023 and will expand at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.

• The global Bunker Fuel market will expand significantly by XX% CAGR between 2024 to 2031. • North America held the major market of more than XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031. • Europe accounted for a share of over XX% of the global market size of USD XX million. • Asia Pacific held a market of around XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031. • Latin America's market will have more than XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031. • Middle East and Africa held the major market of around XX% of the global revenue with a market size of USD XX million in 2023 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031. • The very low sulfur fuel oil (VLSFO) segment is set to rise due to the International Maritime Organization's (IMO) 2020 sulfur cap requirements, which required a significant reduction in sulfur content in maritime fuels, very low sulfur fuel oil (VLSFO) constituted the largest segment. • The Bunker Fuel market is driven by expansion in global trade, increasing demand in the shipping industry, technological advancements, rapid industrialization in emerging markets, and a rise in exploration activities. • Containers segment held the highest Bunker Fuel market revenue share in 2023.

Key Dynamics of

Bunker Fuel Market

Key Drivers of

Bunker Fuel Market

Increasing global maritime trade volume: The growth in international seaborne trade, propelled by container shipping, oil transportation, and bulk commodities, has led to a heightened demand for bunker fuel, which continues to be the primary energy source for commercial shipping vessels across the globe.

Expansion of shipping fleets and offshore operations: The introduction of new cargo ships, tankers, and offshore exploration platforms—particularly in the Asia-Pacific region and the Middle East—has resulted in increased fuel consumption, solidifying bunker fuel as an essential element of global logistics and energy infrastructure.

Infrastructure investments in port bunkering facilities: Significant ports are making investments in sophisticated fuel supply terminals, including LNG and VLSFO bunkering stations. This growth in infrastructure enhances availability and motivates vessel owners to persist in their reliance on bunker fuels.

Key Restraints for

Bunker Fuel Market

Stringent IMO regulations on sulfur emissions: The International Maritime Organization’s 0.5% sulfur cap (IMO 2020) has limited the use of high-sulfur fuel oils, compelling shipowners to transition to more expensive alternatives such as low-sulfur fuel or to retrofit scrubbers, which raises compliance costs.

Volatility in crude oil prices: Since bunker fuel is produced from crude oil, global price variations have a direct effect on bunker fuel expenses. This results in budgeting difficulties for shipping companies and influences the pricing of long-term fuel contracts.

Environmental concerns and shift to greener fuels: Increasing scrutiny regarding greenhouse gas emissions is driving the shipping industry towards LNG, biofuels, and electric propulsion. This long-term shift may diminish the demand for conventional bunker fuels, especially residual and heavy fuel oils.

Key Trends in

Bunker Fuel Market

The increasing adoption of LNG as a marine fuel: LNG is becoming more popular as a cleaner option due to its reduced sulfur and nitrogen oxide emissions. The presence of dual-fuel engines and the expansion of LNG bunkering networks signify a transition in fuel selection aimed at compliance and sustainability.

The development of alternative fuels and blends: Biofuels, ammonia, and methanol are b...

According to Cognitive Market Research, the global bunker fuel oil market size is USD 115954.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.30% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 46381.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 34786.26 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 26669.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 5797.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 2319.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031.
The Tanker Fleet segment held the highest bunker fuel oil market revenue share in 2024.

Market Dynamics of Bunker Fuel Oil Market

Key Drivers for Bunker Fuel Oil Market

Expanding Maritime Trade Activities and Increasing Fleet Sizes Driving Demand for Bunker Fuel Oil

As trade continues to expand, shipping companies have had to add new vessels to their fleets to carry out the growing volume of products passing through their harbours. Thus, demand on bunker fuel oil has increased. This is especially true in regions that are going through fast economic growth and rapid industrialization. Not to lay one’s infrastructure at the foundation of trade and business, for instance cargo ships, ports and other installations, is unthinkable in developed countries.

Regulatory Changes Mandating Low-Sulfur Fuels Catalyzing Market Growth

In response to the increasing demands for cleaner fuels and reduced emissions from shipping traffic, even low-sulphur bunker fuel oils are being adopted.Raising its exhaust emissions costs even higher, the crew dropped from heavy fuel oil to Marine Gas Oil (MGO) and Diesel Oil.This move towards greener fuels, however, does not come just out of compliance with regulations. The accelerated use has arisen from a global focus for all sectors to produce cleaner environmental benefits and results, as evidenced by governments promoting low-sulphur bunker fuels.

Restraint Factor for the Bunker fuel oil market

Volatility in Crude Oil Prices and Geopolitical Uncertainties Impeding Bunker Fuel Oil Market Growth

The strength of international market for heavy or residual fuel oil are the price of crude, the cost all factors considered and eventually price. At any time, variations in price cannot be neglected due to influences such as world politics which impinge directly on production costs for bunker fuel oils and this brings huge instability.Such as supply and demand, geopolitical pressures or economic climate could send the price of crude into a tailspin. This poses another major challenge for suppliers and buyers of bunker fuel oil, raising questions about investment decision-making as well as operational planning. In addition, geopolitical events such as conflicts or sanctions in major oil-producing regions (or shipping lanes) may disrupt supply chains and affect either the availability or pricing of bunker fuel oils. That further inflates market volatility and makes it that much harder to predict how long such conditions will continue.

Key Trends for Bunker Fuel Oil Market

Surge in Demand for LNG and Alternative Marine Fuels Transforming the Market Landscape

The bunker fuel oil market is experiencing a significant transition towards Liquefied Natural Gas (LNG) and alternative marine fuels, including biofuels, ammonia, and methanol. This shift is propelled by increasingly stringent environmental regulations and decarbonization objectives. LNG, in particular, presents lower sulfur emissions and enhanced energy efficiency when compared to traditional heavy fuel oils, rendering it a compelling choice for modernizing fleets. Numerous prominent shipping companies are channeling investments into LNG-powered vessels and bunkering infrastructure, thereby altering the competitive landscape and promoting innovation within the marine fuel supply...

The Report Covers Bunker Fuel Companies in Singapore and it is segmented by Fuel Type (High Sulfur Fuel Oil (HSFO), Very Low Sulfur Fuel Oil (VLSFO), Marine Gas Oil (MGO), Liquefied Natural Gas (LNG), and Others (Methanol, LPG, Biodiesel), and Vessel Type (Containers, Tankers, General Cargo, Bulk Container, and Others).

Uruguay Fuel Oil Price: Medium data was reported at 26.160 UYU/l in Jul 2018. This records an increase from the previous number of 24.000 UYU/l for Jun 2018. Uruguay Fuel Oil Price: Medium data is updated monthly, averaging 14.040 UYU/l from Jul 1999 (Median) to Jul 2018, with 229 observations. The data reached an all-time high of 26.160 UYU/l in Jul 2018 and a record low of 1.600 UYU/l in Nov 1999. Uruguay Fuel Oil Price: Medium data remains active status in CEIC and is reported by National Institute of Statistics. The data is categorized under Global Database’s Uruguay – Table UY.RB003: Energy Statistics: Petroleum.

The Brazil Bunker Fuel Market is booming, projected to reach $2.25 billion by 2025 with a 7.10% CAGR through 2033. Driven by increased maritime trade and offshore activity, this market faces challenges from fluctuating oil prices and environmental regulations. Learn about key players, market segmentation, and future trends in this comprehensive analysis. Key drivers for this market are: 4., Increasing LNG Trade4.; Rising Marine Transportation. Potential restraints include: 4., Fluctuations in Crude Oil Prices. Notable trends are: Very Low Sulphur Fuel Oil (VLSFO) to Witness Significant Growth.

Heating Oil rose to 2.35 USD/Gal on December 2, 2025, up 0.21% from the previous day. Over the past month, Heating Oil's price has fallen 2.25%, but it is still 6.31% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on December of 2025.

Monthly average retail prices for gasoline and fuel oil for Canada, selected provincial cities, Whitehorse and Yellowknife. Prices are presented for the current month and previous four months. Includes fuel type and the price in cents per litre.