Shock Horror: Australia's Largest Fuel Chain Doubles Profit Margins In Middle Of Fuel Crisis

WENDELL HUSSEY | Cadet | CONTACT

The owner of 1800 petty stations across the country have today confirmed that they are doing pretty well, thanks.

The heart warming statement from Ampol came in the form of their Q3 trading update, which revealed that their refining margins are up a handy 125%.

A refining margin is the difference in value between a barrel of crude oil (the raw material) and the market value of the refined petroleum products produced from it (like petrol, diesel, and jet fuel) minus the cost of the refining process itself.

Ampol didn't provide an update on its overall profits for the quarter, but given the refining margins, and the billion dollar profits previously reported, you can read between the lines.

The update comes as consolation to ordinary Australians who are buckling under a cost of living crisis - a huge part of that being the cost of essentials like fuel.

Similar to the massive profits posted by the nation's energy companies, supermarkets and banks, speculation is continuing to grow that their might be a littleeeee bit of profiteering and price gouging going on.

There's also some speculation that these companies might be the reason behind Australia's inflation problem.

However doing something about it is in the too hard basket for the government, so interest rates are set to go up again as a result of things like Ampol slugging the fuck out of Aussie consumers and using the war in Iran as an excuse.

More to come.