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.

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.

As of the third quarter of 2025, oil prices in the United Kingdom stood at 68.1 dollars per barrel, with prices expected to fall to 65 dollars a barrel in the fourth quarter of the year.

Crude Oil fell to 59.17 USD/Bbl on December 2, 2025, down 0.25% from the previous day. Over the past month, Crude Oil's price has fallen 3.08%, and is down 15.40% 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 December of 2025.

On October 27, 2025, the Brent crude oil price stood at 65.14 U.S. dollars per barrel, compared to 61.31 U.S. dollars for WTI oil and 67.54 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.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 global 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 63.05 USD/Bbl on December 2, 2025, down 0.19% from the previous day. Over the past month, Brent's price has fallen 2.84%, and is down 14.36% compared to the same time last year, 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 December of 2025.

UK Gas fell to 72.60 GBp/thm on December 2, 2025, down 1.67% from the previous day. Over the past month, UK Gas's price has fallen 11.75%, and is down 40.33% compared to the same time last year, 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 December of 2025.

On October 27, 2025, the price of ultra-low sulfur unleaded petrol (gasoline) in the United Kingdom averaged 134.4 pence per liter. This compared to 143.26 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.

As of August 2025, the average annual price of Brent crude oil stood at 71.3 U.S. dollars per barrel. This is over nine 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.

The average gas price in Great Britain in July 2025 was 79.28 British pence per therm. This was five pence lower than the same month the year prior and follows a trend of increasing gas prices. Energy prices in the UK Energy prices in the UK have been exceptionally volatile throughout the 2020s. Multiple factors, such as a lack of gas storage availability and the large share of gas in heating, have exacerbated the supply issue in the UK that followed the Russia-Ukraine war. This has also led to many smaller suppliers announcing bankruptcy, while an upped price cap threatened the energy security of numerous households. The United Kingdom has some of the highest household electricity prices worldwide. How is gas used in the UK? According to a 2023 survey conducted by the UK Department for Energy Security and Net Zero, 58 percent of respondents used gas as a heating method during the winter months. On average, household expenditure on energy from gas in the UK stood at some 24.9 billion British pounds in 2023, double the amount spent just two years prior.

Gasoline Prices in the United Kingdom increased to 1.80 USD/Liter in November from 1.78 USD/Liter in October 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.

Natural gas rose to 4.94 USD/MMBtu on December 3, 2025, up 2.04% from the previous day. Over the past month, Natural gas's price has risen 13.71%, and is up 62.29% compared to the same time last year, 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 December of 2025.

TTF Gas fell to 27.92 EUR/MWh on December 3, 2025, down 0.17% from the previous day. Over the past month, TTF Gas's price has fallen 14.22%, and is down 40.94% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. EU Natural Gas - values, historical data, forecasts and news - updated on December of 2025.

This dataset contains daily fuel prices across the United Kingdom, including petrol, diesel, and other common fuel types. The data is designed to help researchers, analysts, and developers explore trends, fluctuations, and patterns in fuel pricing over time.

The dataset can be used for:

📊 Time series analysis and forecasting

🧠 Machine learning model training (price prediction)

📈 Data visualization and dashboard creation

🛢️ Policy and economic impact analysis

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of August. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Snapshot img

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.
Request Free Sample

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

Snapshot img

Oil Refining Market Size 2025-2029

The oil refining market size is forecast to increase by USD 111.2 billion at a CAGR of 1.3% between 2024 and 2029.

The market is driven by the surging demand for refined fuel, with increasing global mobility and industrialization fueling this trend. The adoption of modular mini refineries is another key driver, as these facilities offer cost-effective and efficient solutions to meet local fuel demands in regions with limited infrastructure. However, the market faces significant challenges, including the costly and time-consuming nature of oil refinery maintenance operations. The oil refining market is essential for producing various transportation fuels, including fuel oils, gasoil, and liquefied petroleum gas (LPG).
These complex processes require substantial resources and planning, making it essential for companies to optimize their maintenance strategies to minimize downtime and maximize productivity. Effective implementation of predictive maintenance technologies and strategic partnerships can help refineries navigate these challenges and capitalize on the market's growth opportunities. Process control instrumentation and energy conservation measures are essential components in maintaining profitability and sustainability in the oil refining industry. The demand is driven by sectors such as transportation and power generation, with developing countries in Asia, including India and China, being key contributors.

What will be the Size of the Oil Refining 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.
Request Free Sample

In the market, process optimization techniques and stream analysis play a pivotal role in enhancing efficiency and reducing costs. Heavy oil upgrading, a significant segment, employs advanced methods like reactor temperature control and catalyst selection to maximize output. Petroleum coke production, a byproduct of refining, is subject to stringent safety management systems and environmental impact assessments. Distillation tower design and heat exchanger efficiency are crucial in optimizing energy consumption. The market is a critical component of oil and gas downstream, focusing on the processing and refining of crude oil into valuable products. Hydrogen production methods, integral to various refining processes, are undergoing innovation to minimize costs and improve yields. Fractionator control systems ensure consistent product quality, while pipeline integrity management and pressure control systems maintain safety and reliability.

Environmental considerations are driving the adoption of waste minimization strategies and desalting process control. Thermal cracking methods, a key refining technology, continue to evolve, with process simulation software aiding in optimizing operations. Reactor temperature control, reactor catalyst selection, and paraffin wax production are areas of ongoing research for improved performance and reduced emissions. Asphalt production methods and bitumen processing are also undergoing technological advancements to meet evolving market demands. Additionally, the growing aviation industry significantly contributes to market expansion, as it requires a substantial supply of jet fuel to support increasing air travel and cargo transportation.

How is this Oil Refining Industry segmented?

The oil refining 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.

Product

  Light distillates
  Middle distillates
  Fuel oil
  Others


Fuel Type

  Gasoline
  Kerosene
  LPG
  Others


End-user

  Transportation
  Petrochemicals
  Residential and commercial heating
  Power generation
  Others


Capacity

  Large-scale refineries
  Medium-scale refineries
  Small-scale refineries


Geography

  North America

    US
    Canada


  Europe

    Germany
    Italy
    Russia
    UK


  APAC

    China
    India
    Japan


  Rest of World (ROW)

By Product Insights

The Light distillates segment is estimated to witness significant growth during the forecast period. The market is driven by the demand for light distillates, particularly gasoline, from the transportation sector. Light distillates, which include petrol or gasoline, accounted for the largest market share in 2024. Light crude oil, the primary feedstock for producing light distillates, contains a higher proportion of hydrocarbons and is easier to refine compared to heavier variants. This results in a greater yield of gasoline and diesel from light crude oil. The transportation industry's reliance on gasoline as a fuel source further increases its demand. Crude oil distillation is a crucial