As of the fourth quarter of 2024, oil prices in the United Kingdom stood at 74 dollars per barrel, with prices expected to rise to 76.6 dollars a barrel in early 2025, before gradually falling in subsequent quarters.

Heating Oil fell to 2.29 USD/Gal on August 1, 2025, down 4.50% from the previous day. Over the past month, Heating Oil's price has fallen 4.95%, and is down 1.81% compared to the same time last year, 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 August of 2025.

Average price of heating oil in Great Britain presented a trend of growth, despite some oscillation. Between 2000 and 2020, figures more than doubled, with an increase of ***** euros per thousand liters and peaked at ***** euros per thousand liters in 2012. By 2020, the average price of heating oil in Great Britain amounted to ***** euros per thousand liters.

United Kingdom Purchase Price: Heavy Fuel Oil: Total Average data was reported at 463.172 GBP/Tonne in Jun 2018. This records an increase from the previous number of 446.503 GBP/Tonne for Mar 2018. United Kingdom Purchase Price: Heavy Fuel Oil: Total Average data is updated quarterly, averaging 150.950 GBP/Tonne from Mar 1989 (Median) to Jun 2018, with 118 observations. The data reached an all-time high of 627.500 GBP/Tonne in Mar 2012 and a record low of 59.300 GBP/Tonne in Mar 1992. United Kingdom Purchase Price: Heavy Fuel Oil: Total Average data remains active status in CEIC and is reported by Department for Business, Energy and Industrial Strategy. The data is categorized under Global Database’s United Kingdom – Table UK.P008: Energy Overview: Purchase Price.

Crude Oil fell to 67.26 USD/Bbl on August 1, 2025, down 2.89% from the previous day. Over the past month, Crude Oil's price has fallen 0.28%, and is down 8.51% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on August of 2025.

On July 28, 2025, the Brent crude oil price stood at 69.68 U.S. dollars per barrel, compared to 66.71 U.S. dollars for WTI oil and 70.98 U.S. dollars for the OPEC basket. Brent and OPEC prices rose slightly that week, while WTI prices fell.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Brent fell to 69.48 USD/Bbl on August 1, 2025, down 3.10% from the previous day. Over the past month, Brent's price has risen 0.54%, but it is still 9.54% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on August of 2025.

On July 28, 2025, the price of ultra-low sulfur unleaded petrol (gasoline) in the United Kingdom averaged 134.24 pence per liter. This compared to 142 pence per liter for diesel. Diesel prices were consistently higher than petrol/gasoline prices throughout this period, although the margin varied. Reasons for such differences in pricing lie in the refining process and molecular makeup of the products, with diesel requiring more complex refining processes and being an overall heavier liquid. As motor fuel pricing in the UK is not regulated by a monitoring body, there may also be notable differences in prices between retailers and regions. Supermarkets provide lowest fuel prices in the UK In the UK, much of the motor fuel is sold through supermarkets. Large supermarkets, or hypermarkets, account for more than 40 percent of all motor fuel sales in the country. The reason for their popularity often lies in the fact that they offer lower average prices. In the last four years, regular petrol/gasoline sold at supermarkets was up to six pence per liter cheaper than the national average. How UK fuel prices compare to the rest of the world Tied as they are to crude oil prices, motor fuels are generally cheapest in major producing countries, such as Iran, Venezuela, and Russia. In Europe, costs of importing the raw or finished products, in addition to taxes and levies, may hike up pump prices significantly. The UK is often among the countries with the highest petrol/gasoline prices, alongside other large European car markets such as France and Germany.

The size of the UK Bunker Fuel Industry was valued at USD 7860 Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 14.00">> 14.00% during the forecast period. The bunker fuel sector in the UK provides HSFO, VLSFO, and MGO, among other products in the fuel category needed in the maritime industry. Members of this sector feel increasing pressure of using cleaner fuel and any other sources of energy that are alternatives, with the ever-stringent environmental regulations. Hence, emissions reduction techniques of such highly developed blending technologies are of paramount importance. The industry has, all along, continued to support shipping operations in regard to ensuring efficiency in performance while reducing environmental impact. The sector makes huge contributions to the UK's maritime economy despite being affected by fluctuations in fuel prices and regulatory pressures. It boasts strong infrastructure, hence is better placed to introduce cleaner and alternative fuel options. Recent developments include: Investments in LNG bunkering infrastructure and partnerships

, Development and testing of new fuel blends and technologies, Regulatory changes and updates related to bunker fuel specifications and emissions, Merger and acquisition activity in the industry. Key drivers for this market are: 4., Increasing Demand for Petroleum Products Due to the Growth of the Local Economy4.; Government Initiatives to Boost the Production of Crude Oil and Natural Gas. Potential restraints include: 4., Increasing Adoption of Renewable Energy. Notable trends are: Very Low Sulphur Fuel Oil (VLSFO) to Witness Significant Growth.

Petroleum refining companies in the UK produce a wide variety of products. Fuels for transport and heating are the most common, with petroleum products for transport accounting for almost three-quarters of product demand. Industry revenue is expected to swell at a compound annual rate of 2.6% over the five years through 2024-25 to £50.7 billion, including a forecast dip of 0.2% in 2024-25, owing to staggering volatility in oil prices in recent years. The COVID-19 pandemic took its toll on the industry. Global border and travel restrictions dented both demand for fuel and fuel prices, weighing on revenue and profitability for refiners. However, this trend was quickly reversed following Russia's invasion of Ukraine in February 2022. This led to the UK and other major economies announcing they would wean themselves off Russian oil, leading to a sharp spike in oil prices over 2022-23 and, to a lesser degree, 2023-24. Strong oil price inflation translated into higher value sales for refined oil companies, paving the way for a strong recovery. A number of petroleum refiners have altered their production to focus on diesel as the new primary fuel. Both petrol and diesel face rising competition from alternatively fuelled vehicles due to their reduced emissions, lowering demand for oil-derived fuels. Industry revenue is forecast to climb at a compound annual rate of 6.1% over the five years through 2029-30 to £68.4 billion. Demand for petrol and diesel-fuelled vehicles is set to fall due to government initiatives designed to reduce emissions, including the extension of Clean Air Zones and the banning of new petrol and diesel cars by 2030. Demand for pure electric vehicles will continue to climb, presenting a significant threat to fuel demand in the long term.

UK Gas fell to 83.25 GBp/thm on August 1, 2025, down 4.14% from the previous day. Over the past month, UK Gas's price has risen 4.94%, but it is still 7.33% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. UK Natural Gas - values, historical data, forecasts and news - updated on August of 2025.

The price of gas in the United Kingdom was *** British pence per therm in the fourth quarter of 2024. It is anticipated gas prices will increase to *** pence in the second quarter of 2025 before gradually falling to just under ** pence by the second quarter of 2027.
Surging energy costs and the cost of living crisis At the height of the UK's cost of living crisis in 2022, approximately ** percent of UK households were experiencing rising prices compared with the previous month. It was during 2022 that the UK's CPI inflation rate reached a peak of **** percent, in October of that year. Food and energy, in particular, were the main drivers of inflation during this period, with energy inflation reaching **** percent, and food prices increasing by **** percent at the height of the crisis. Although prices fell to more expected levels by 2024, an uptick in inflation is forecast for 2025, with prices rising by *** percent in the third quarter of the year. Global Inflation Crisis The UK was not alone in suffering rapid inflation during this time period, with several countries across the world experiencing an inflation crisis. The roots of the crisis began as the global economy gradually emerged from the COVID-19 pandemic in 2021. Blocked-up supply chains, struggled to recover as quickly as consumer demand, with food and energy prices also facing upward pressure. Russia's invasion of Ukraine in February 2022 led to Europe gradually weening itself of cheap Russian energy exports, while for several months Ukraine struggled to export crucial food supplies to the rest of the World.

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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?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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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

United Kingdom Purchase Price: Heavy Fuel Oil: Small Scale Industry data was reported at 574.273 GBP/Tonne in Jun 2018. This records an increase from the previous number of 555.725 GBP/Tonne for Mar 2018. United Kingdom Purchase Price: Heavy Fuel Oil: Small Scale Industry data is updated quarterly, averaging 167.850 GBP/Tonne from Mar 1989 (Median) to Jun 2018, with 118 observations. The data reached an all-time high of 711.300 GBP/Tonne in Mar 2013 and a record low of 63.000 GBP/Tonne in Mar 1992. United Kingdom Purchase Price: Heavy Fuel Oil: Small Scale Industry data remains active status in CEIC and is reported by Department for Business, Energy and Industrial Strategy. The data is categorized under Global Database’s United Kingdom – Table UK.P008: Energy Overview: Purchase Price.

United Kingdom Purchase Price: Heavy Fuel Oil: Large Scale Industry data was reported at 408.163 GBP/Tonne in Jun 2018. This records an increase from the previous number of 401.895 GBP/Tonne for Mar 2018. United Kingdom Purchase Price: Heavy Fuel Oil: Large Scale Industry data is updated quarterly, averaging 143.700 GBP/Tonne from Mar 1989 (Median) to Jun 2018, with 118 observations. The data reached an all-time high of 634.600 GBP/Tonne in Mar 2012 and a record low of 56.700 GBP/Tonne in Mar 1992. United Kingdom Purchase Price: Heavy Fuel Oil: Large Scale Industry data remains active status in CEIC and is reported by Department for Business, Energy and Industrial Strategy. The data is categorized under Global Database’s United Kingdom – Table UK.P008: Energy Overview: Purchase Price.

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Petroleum Liquid Feedstock Market Size 2024-2028

The petroleum liquid feedstock market size is forecast to increase by USD 77.22 billion at a CAGR of 4.5% between 2023 and 2028. The market is experiencing significant growth, driven by the rapid expansion of the transportation sector. This sector's increasing demand for fuel is leading to a wave in the consumption of petroleum liquid feedstocks. Another trend influencing the market is the adoption of blockchain technology in the oil and gas refining industry. Blockchain's transparency and security features are expected to streamline operations, reduce costs, and enhance efficiency in the refining process. Hydrocarbons, such as naphthalene, xylene, benzene, toluene, and heavy naphtha, are essential hydrocarbon feedstocks used in the production of industrial solvents, fuels, and other oil-based commodities. However, the market's growth is not without challenges. The volatility in global crude oil prices continues to pose a significant threat to market stability, making it essential for market players to adopt strategies that mitigate price risks and ensure long-term profitability.

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The petrochemical industry relies heavily on petroleum liquid feedstocks as the primary raw material for producing a wide range of chemicals, polymers, and other petrochemical products. The automotive fleet and the energy sector are significant consumers of these products, with motor vehicles utilizing petrochemicals for fuel and in the production of plastics and textiles. Petrochemical plants and refineries are the primary sources of these feedstocks, which include oil naphtha, coal naphtha, and wood naphtha.

The petrochemical industry's demand for these feedstocks is expected to grow due to increasing demand from the automotive and energy sectors. Crude material, such as unrefined petroleum, is the primary source of these feedstocks. Oil organizations play a crucial role in the production and distribution of these feedstocks to meet the growing demand from various industries. With the rise of electric vehicles, the demand for traditional fuels may decrease, but the demand for petrochemical products derived from these feedstocks is expected to remain strong due to their wide range of applications.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD Billion' for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

Type

  Naphtha
  Gasoil


Application

  Industrial solvents
  Cleaning fluids
  Adulterant to petrol
  Gasoline
  Others


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    China
    India


  South America



  Middle East and Africa

By Type Insights

The naphtha segment is estimated to witness significant growth during the forecast period. The petrochemical industry relies heavily on petroleum liquid feedstock derived from crude oil for the production of various chemicals, polymers, and petrochemical products. In the refining process, crude oil undergoes primary distillation, resulting in the production of naphtha. This fractional distillation separates hydrocarbons based on their boiling points, yielding light and heavy naphtha. Light naphtha is primarily used as a feedstock for the synthesis of ethylene, which is further processed to produce synthetic rubber and other essential polymers. Conversely, heavy naphtha serves as a feedstock for the production of high-octane gasoline and aromatics, such as benzene, xylene, and toluene, essential for the automotive fleet and energy sector.

Moreover, naphtha is also used as marine fuel, bunkers, and motor vehicle fuel. With the increasing focus on cleaner energy sources and climate change mitigation, the petrochemical industry is exploring alternative feedstocks, such as biofuels, renewable feedstocks, biomass, waste oils, and even carbon fiber. Simultaneously, the exploration of unconventional crude oil deposits, including shale gas and offshore drilling, continues to expand refinery capacity. Data analytics plays a crucial role in optimizing refinery operations and enhancing the overall efficiency of the petrochemical sector. The chemical sector also utilizes naphtha, coal naphtha, and other hydrocarbons as feedstocks for steam crackers to produce essential chemicals, such as octane, propylene, and butadiene.

The integration of LNG terminals and gas imports further expands the availability of feedstocks, ensuring a steady supply to meet the growing demand for petrochemical products in various industries, including textiles, plastics, and the energy sector.

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The Naphtha segment accounted for USD 220.99 billion in 2018 and showed a gradual increase during the forecast

Natural gas rose to 3.09 USD/MMBtu on August 1, 2025, up 0.10% from the previous day. Over the past month, Natural gas's price has fallen 11.31%, but it is still 57.26% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on August of 2025.

Gasoline Prices in the United Kingdom decreased to 1.81 USD/Liter in July from 1.84 USD/Liter in June of 2025. This dataset provides the latest reported value for - United Kingdom Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

As of June 2025, the average annual price of Brent crude oil stood at 71.91 U.S. dollars per barrel. This is over eight U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility, such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.