Ampol has reported a significant increase in refining margins and improved earnings for the September quarter. The Lytton Refiner Margin saw a substantial jump to $US10.64 a barrel, a notable rise from $US1.48 the previous year. This surge was attributed to global refinery outages and stricter Russian sanctions, which led to increased product cracks. September margins averaged $US12.85 a barrel, and refinery production for the quarter increased by 37 per cent, reaching 1,252 million litres, even with a planned maintenance shutdown. Ampol is an Australian petroleum company that refines, distributes, and markets fuels and petroleum products. The company operates Australia’s largest petroleum refining business.
Group RCOP EBIT surpassed the average of the first-half quarterly results, boosted by robust fuel and infrastructure performance, as well as the improved refinery output. Ampol confirmed that its $50 million cost-out program is progressing as planned. However, total group sales volumes experienced a decrease of 7.6 per cent, falling to 6 billion litres. Australian wholesale volumes declined by 4.7 per cent, while international volumes dropped by 17 per cent, influenced by timing issues and supply constraints.
Looking ahead, Ampol is preparing for the implementation of Australia’s new ultra-low sulfur gasoline standards, set to take effect on December 15. The company cautioned that delays in the Lytton upgrade project would restrict compliant output until commissioning in the second quarter of 2026. These delays are expected to incur approximately $7.5 million per month in cash costs due to the necessity of exporting non-compliant fuel.
