(Adds background and details on expected earnings)
Jan 18 (Reuters) - Australia's Ampol Ltd (ALD) said on Wednesday refining margin at its Lytton Refinery in Queensland rose 4.5% in the fourth quarter and estimated higher earnings, helped by strong demand for global refined fuel.
Tight oil supplies owing to Western sanctions on Russian oil, globally shrinking refining capacity and a strong recovery in demand have boosted prices of refined products, benefiting margins at Ampol's Lytton refinery.
Lytton Refiner margin (LRM) for the three months ended Dec. 31 was $11.75 per barrel, higher than $11.24 per barrel a year ago, but sharply lower than the $15.46 per barrel logged in the third quarter.
The Sydney-based fuel retailer, which is operating the Lytton refinery in Queensland with government support until at least 2027, said earnings for the fourth quarter will be "slightly ahead" of the third quarter.
The Lytton refinery produced 1.58 billion litres of oil in the fourth quarter, up 2.2% from the preceding quarter.
News: ALD UPDATE 1-Australia's Ampol logs stronger refining margins, sees higher earnings
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