A sensor, a system of direct measurement using that sensor, and a method of direct and simultaneous measurement of conductivity and dielectric constant of a fluid, particularly high impedance, hydrocarbon-based fluids. The sensor has a cell that holds the fluids to be measured between a single pair of coaxial, bare metal electrodes connected through interface circuitry to measurement circuitry preferably implemented in one or several IC's. The sensor has a mutually compatible electrode geometry that provides both the correct cell constant for measurement of conductivity of hydrocarbons fluids (typical range 0-100,000 pS/cm), and a bulk capacitance (for use in dielectric constant measurement) in the range of measure of readily available low cost commercial IC's (having a typical capacitance measurement span of