Abstract: The present invention relates to a dual velocity method and apparatus for measuring flow rate of a fluid, independent of flow regime, the fluid having a plurality of components, at least one of which is capable of existing in an oil continuous phase emulsion in a conduit. The present invention only measures component fluid flow rates for components of the fluid which may include at least an oil continuous phase emulsion, but not a component including a water continuous phase emulsion. Velocity slip is directly determined by cross correlations of fluid electrical property signals which are used to measure the two most predominant velocities in a multiphase velocity distribution. Furthermore, phase velocity measurements are further improved by cross correlating signals from a pair of downstream sensors which are shifted a predetermined radial angle offset from corresponding pair of upstream diametrically positioned sensors.