(Updates with detail on results, dividend, context) Feb 20...

(Updates with detail on results, dividend, context)

Feb 20 (Reuters) - Australia's Ampol Ltd (ALD) on Monday said its annual profit more than doubled to a record level and declared a bumper dividend as higher prices for refined products such as petrol, diesel and jet fuel boosted margins at its Queensland refinery.

Ampol and smaller peer Viva Energy (VEA) - operators of Australia's two refineries - have both benefited from stronger prices for refined products, bolstered by higher demand amid a recovery in air travel, and limited supply from China.

The country's biggest fuel supplier posted a net profit after tax from continuing operations for the year of A$732.3 million ($502.43 million) on a replacement cost basis, compared with a A$297.8 million profit last year.

It beat a Refintiv estimate of A$728.9 million. "Ampol has had a strong start to the year and is well positioned to manage the ongoing volatility in global markets," the Sydney-based fuel supplier said.

The Lytton Refinery recorded earnings before interest and tax (EBIT) from continuing operations of A$686.7 million for the year on a replacement cost basis, compared to A$158.7 million a year earlier.

The company declared a final ordinary dividend of 105 Australian cents per share, up from 41 AU cents last year. It also declared a special dividend of 50 AU cents apiece. ($1 = 1.4575 Australian dollars)