Fuel Oil Price Trend and Forecast

Regional Price Overview

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).

Fuel Oil Price Trend for the Second Half of 2023

Fuel Oil prices were observed to vary throughout the said period of the second half of 2023. After OPEC+ decided to stabilize the falling costs by holding the stocks, the fuel oil prices started inching up in the third quarter, particularly in the import-dependent markets of Asia and Europe. The discounted Russian oil was also not as cheap anymore. Thus, the fuel oil prices wavered high and continued to incline in the Chinese market in the fourth quarter as well.

Fuel Oil Price Chart

Fuel Oil Price Trends

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In the Chinese fuel oil market, the prices went from about 684 USD/MT in July '23 to about 750 USD/MT in December '23. However, the European fuel oil market declined in the last quarter after inclining in the third quarter of 2023. The last quarter's decline in the European market was primarily attributed to the increased inventory stocks and trade disturbances owing to geopolitical conflicts.

Analyst Insight

According to Procurement Resource, the Fuel Oil price trends are likely to grow further going forward; since the fuel oil market is directly dependent on the crude oil market, the prices will grow along with the crude oil prices.

Fuel Oil Price Trend for the First Half of 2023

Fuel Oil is a petroleum distillation product used for energy production in various applications. Since it is derived from crude petroleum oil, it closely follows the crude oil market behavior. During the first half of the year 2023, the Fuel Oil market exhibited mixed price trend. In the Asian market, where cheap Russian oil was continuously supplied even during the peak Covid times, the high levels of inventories kept the Fuel Oil prices down, mainly in India and China.

On the other hand, the European Fuel Oil market had also started stabilizing after the economic turmoil inflicted by the Russian war. Further, the steady normalization in supply chains and other trade situations aided the price trend for Fuel Oil. Overall, mixed market sentiments were observed.

Analyst Insight

According to Procurement Resource, the Fuel Oil market is likely to continue fluctuating as per the uncertain demands from the consumer sectors.

Procurement Resource provides latest prices of Fuel Oil. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

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Fuel Oil is any liquid fuel, obtained from petroleum distillation, that is burned in a furnace or boiler for generating heat or for use in an engine for power generation.  Fuel Oil is obtained from the burnable liquids derived from crude oil. It is used to heat up homes and fuel trucks, light up furnaces, produce steam for industrial uses and for generating electric energy. It is used to run home heating equipment including furnaces and boilers and can be used to power different types of engines, lamps, and stoves.

Product Details

Report Features Details
Product Name Fuel Oil
Industrial Uses Electricity Generation, Machinery, Liquid Fuel
Synonyms Heavy oil, Marine fuel, Furnace oil
Supplier Database BP plc, Exxon Mobil Corporation, PetroChina Company Limited, SINOPEC Fuel Oil Sales Corporation Limited, Royal Dutch Shell Plc
Region/Countries Covered Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand

Europe: Germany, France, United Kingdom, Italy,  Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece

North America: United States and Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru

Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
Currency US$ (Data can also be provided in local currency)
Supplier Database Availability Yes
Customization Scope The report can be customized as per the requirements of  the customer
Post-Sale Analyst Support 360-degree analyst support after report delivery

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

Production Processes

  • Production of Fuel Oil via Petroleum Distillation

In order to produce Fuel Oil, the process of petroleum distillation is utilised. In this process, a fraction is obtained either in a form of a distillate or as a residue, which is further used to produce Fuel Oil.


The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

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