Geelong refinery boss defends soaring fuel profit margins saying ‘they need to make money’ | Aust…

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Geelong refinery boss defends soaring fuel profit margins saying 'they need to make money'

The Viva refinery provides about 10 per cent of Australia's fuel. (ABC News: Danielle Bonica)

Viva Energy's chief executive, Scott Wyatt, has defended a massive jump in the company's refining profit margins amid surging fuel prices.

Earlier this week, Viva reported a Geelong refining margin of $US22 a barrel over the first quarter, only one month of which was affected by the spike in oil prices associated with the Iran conflict.

Those margins were almost three times higher than the $US7.90 a barrel recorded in the first quarter of last year, and come on top of the rise in crude oil prices, which are up about $US30 a barrel since the beginning of the Iran war on February 28.

Australia's Viva Energy posts three-fold jump in quarterly Geelong refining margin

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