A magnetostrictive fuel level probe includes a spring-loaded foot. The probe shaft of the fuel level probe moves up and down within the spring-loaded foot as a function of fuel density. The spring-loaded foot includes a reference magnet whose height relative to the bottom of a fuel storage tank is fixed. Currents generated by the fuel level probe allow measurement of how much of the fuel level probe is positioned above the reference magnet, and from this measurement, the buoyancy of the fuel level probe may be measured. From the buoyancy of the fuel level probe, the fuel density may be calculated.