83% drop in refining margins leads to Ampol's $100M profit decline, linked to Chinese economy sluggishness and maintenance issues.

Australia's largest oil refinery, Ampol, is anticipating a $100 million profit decline due to an 83% drop in refining margins, which fell to $1.48 a barrel from $20 a year earlier. This decline is linked to reduced demand from a sluggish Chinese economy and ongoing maintenance issues. To address the weak margins, Ampol will accelerate planned maintenance, further cutting fuel output for November.

October 15, 2024
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