A trebling in the profit margin from processing crude oil into petrol and diesel due to the global supply shock caused by the war in Ukraine have given a huge boost to Ampol in the June quarter,
Ampol said the sharp lift in the Singapore average margin was the key driver of the increase, driven by the recovery in demand for fuels after COVID-19 lockdowns, and low inventories of product, which coincided with the shocks to global supply by Russian sanctions, and by Chinese export quotas that are trending below historical levels.
Ampol said the volatile conditions in the oil market also resulted in higher costs for importing oil, which partially offset the increase in te refining margin. It said it took advantage of the strong margin environment by increasing production to 1.564 million litres, up from 1.413 million litres in the March quarter.
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Source: FinancialReview - 🏆 2. / 90 Read more »
Source: FinancialReview - 🏆 2. / 90 Read more »