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July 19 (Reuters) - Australia's biggest fuel supplier Ampol Ltd (ALD) on Tuesday posted an over five-fold increase in refining margin at its Lytton Refinery in Queensland for the second quarter as prices of refined products surged amid rising demand.
Global fuel demand has recovered in recent months as lower Chinese exports and Western sanctions on Russia following its invasion of Ukraine have tightened crude oil supplies worldwide.
Ampol's Lytton Refiner Margin (LRM) for the three months ended June 30 was $32.96 per barrel, significantly higher than $6.29 per barrel a year ago and $10.59 per barrel in the previous quarter. (https://bit.ly/3RDjdqv)
The Sydney-based fuel retailer, which is operating the Lytton refinery in Queensland with government support until at least 2027, said the second-quarter margin reached an "unprecedented level" and it was able to take advantage through increased refinery production. (https://bit.ly/3yCLMLU)
The Lytton refinery, which swung to profit in 2021, produced 1.56 billion liters (BL) of oil in the second quarter, up from 1.41 BL in the previous quarter.
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