Annual Average Bunker Price at Key Hubs Mostly Flat in 2024

by Martyn Lasek, Managing Director, Ship & Bunker
Wednesday January 1, 2025

The annual average bunker price at key hubs was all but flat in 2024, data from Ship & Bunker's shows.

Looking at Ship & Bunker's G20 index, that tracks the price of bunkers in 20 of the world's primary bunkering hubs, in 2024 the key benchmark G20-VLSFO price slipped just $12/mt, or 1%, to average $626/mt for the year compared to an average price of $638/mt in 2023.

The G20-IFO380 price for HSFO rose just $3/mt in 2024 to $515/mt having averaged $512/mt in 2023.

MGO witnessed the biggest change, dropping some 10% in 2024 to an average price of $812/mt compared to $897/mt in 2023.

Overall, prices in 2024 were all lower than they were in 2022.

The current outlook for 2025 is for prices to be somewhat lower, although with EU ETS and from January 1, 2025 EU Maritime rules now in play, by how much - if indeed at all - will depend on where ships ply their trade.

About Martyn Lasek

Martyn is the Founder and Managing Director of Ship & Bunker, the world’s most read marine fuel-focused publication.

With a career building information systems and online publishing spanning over 25 years, he has been providing critical information to the bunker industry since 2002.

Martyn is based in Vancouver, Canada.

About Ship & Bunker

Ship & Bunker is the world's most read publication focused on the marine fuel markets. Completely independent, it is the leading industry authority providing comprehensive daily news, exclusive in-depth features and analysis, along with daily & historical bunker price indications.

To contact the editor responsible for this story email us at editor@shipandbunker.com