This paper presents a ultrasonic-capacitive system for online analysis of the quality of fuel oils (FO), which are widely used to produce electric energy in Thermal Power Plants (TPP) due to their elevated heating value. The heating value, in turn, is linked to the quality of the fuel (i.e., the density and the amount of contaminants, such as water). Therefore, the analysis of the quality is of great importance for TPPs, either in order to avoid a decrease in generated power or in order to avoid damage to the TPP equipment. The proposed system is composed of two main strategies: a capacitive system (in order to estimate the water content in the fuel) and an ultrasonic system (in order to estimate the density). The conjunction of the two strategies is used in order to estimate the heating value of the fuel, online, as it passes through the pipeline and is an important tool for the TPP in order to detect counterfeit fuel. In addition, the ultrasonic system allows the estimation of the flow rate through the pipeline, hence estimating the amount of oil transferred and obtaining the total mass transferred as a feature of the system. Experimental results are provided for both sensors installed in a TPP in Brazil.