July 19 (Reuters) – Australia’s largest fuel supplier Ampol Ltd (ALD.AX) on Tuesday reported a five-fold increase in refining margin at its Lytton refinery in Queensland for the second quarter, oil prices refined products having surged in a context of growing demand.
Global fuel demand has picked up in recent months as falling Chinese exports and Western sanctions against Russia over its invasion of Ukraine have tightened crude oil supplies around the world.
Ampol’s Lytton Refining 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 operates the Lytton refinery in Queensland with government support until at least 2027, said second quarter margin reached an “unprecedented level” and it had been able to take advantage of the refinery’s increased production. (https://bit.ly/3yCLMLU)
The Lytton refinery, which turned profitable in 2021, produced 1.56 billion liters (BL) of oil in the second quarter, compared to 1.41 BL in the previous quarter.
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Reporting by Himanshi Akhand in Bengaluru; Editing by Krishna Chandra Eluri
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