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The city-state's total demand reached 3.79 million mt in February, up by 8.3% from the same month a year earlier but down by 13.3% from January's level.
Last year's record bunker prices drove record profitability for World Fuel Services.
Total sales excluding lubricants slipped by 1.5% on the year to 636,705 m3 in January.
Panama's total sales reached 434,8072 mt in January, the lowest level since November.
In a recent letter to maritime publication Lloyd's List, IBIA Director Unni Einemo said there were 'some misconceptions and narratives that aren't helpful' in the discourse around bunker quality and quantity disputes.