Fuel giant Ampol’s boss Matt Halliday says the wide refining margins that drove the company’s profits to a record high are unlikely to persist, as petrol prices ease at bowsers across Australia.
He added the surge in margins was caused by the wider crisis in energy markets, and while he did not predict where oil prices were heading, more volatility was likely. Chief investment officer at Atlas Funds Management, Hugh Dive, said refining had typically been a tough business for Ampol due to the stiff competition from larger-scale offshore operators.
“Prices have come off from the levels that we saw in June in particular, so that’s good to see,” he said.
clancyyeates and our government look on and says nothing about price gouging
clancyyeates Surely since they made a huge profit they should be made to pay back the $40m they got from the government? Jobseekers are scrutinised down to the last cent but these huge companies get away with murder.
clancyyeates Not surprised. Ampol are about the most expensive out there.
clancyyeates Like all those corporations, when they get a smell of a crisis it's used to hoodwink the govt and public for a price increase. Monopolys and duopolys is what it's come down to.
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