SYDNEY, May 18, 2026, 05:08 (AEST)
- Ampol ended Friday at A$35.05, gaining 2.88%. Shares are still trading about 3% under their 52-week peak.
- The ASX cash market remains closed. Regular trading opens a little before 10 a.m. in Sydney.
- Refinery margins, oil-supply concerns and the upcoming EG Australia deal review are on investors’ radar.
Ampol Ltd is trading close to a one-year high as it starts the ASX week, with shares jumping on Friday. Investors zeroed in on Lytton refinery numbers and waited for a regulator decision on the company’s planned EG Australia buy.
Ampol shares ended Friday at A$35.05, up 2.88% on the day. Volume came in near 1.96 million shares. The stock closed around 2.5% higher for the week, putting it close to its 52-week high of A$36.04.
Ampol shares outpaced a weaker Australian market on Friday. The S&P/ASX 200 index dropped 0.11% to 8,630.80. Investors looked for more upside in Ampol as they kept factoring in tight fuel supply and stronger refining margins.
The ASX cash market had not opened yet as of press time. Brokers can start entering orders in the ASX pre-open from 7:00 a.m. Sydney time, but trades don’t match until the main session starts. Normal trading is scheduled from around 9:59:45 a.m. to 4:00 p.m., according to the .
Lytton is the key factor here. Ampol said last month its first-quarter Lytton Refiner Margin (LRM), which tracks the economics of refining, was up to US$25.45 a barrel from US$6.07 a year ago. Refinery output gained 10% to 1,434 million litres. Australian fuel sales, not counting “net-sell” volumes, increased 4.7%.
Ampol CEO Matt Halliday told investors at Thursday’s annual meeting that strong results carried into April, led by Lytton and the company’s trading and shipping businesses. Ampol, he said, is staying focused on “maintaining safety, reliability, and fuel security” as customers deal with higher prices. Chairman Steven Gregg echoed that “safe and reliable supply” was still a top priority. AFR Company Announcements
Oil prices got a boost. Brent crude jumped more than 3% on Friday to $109.26 a barrel, with U.S.-Iran tensions stoking concerns about flows through the Strait of Hormuz, a critical shipping chokepoint. The move up in crude can add to fuel costs and tighten working capital, but if supply gets hit, refiners can see margins rise as finished fuels get scarce.
Ampol is looking for a ruling from the Australian Competition and Consumer Commission as soon as June 5 on its planned takeover of EG Australia. The company has already worked out a plan to divest 41 sites, aiming to clear the path for the deal. Ampol has put the expected annual synergies mostly from cost cuts at between A$65 million and A$80 million by the second full year after the deal closes.
The ACCC has put the deal into a Phase 2 review, warning the takeover could cut competition for petrol and diesel retail in some markets. That leaves the transaction as a stock catalyst, not a done deal.
Peer supply is still tight. Viva Energy, Ampol’s top domestic refining rival, said repairs after its Geelong refinery fire in April should push production back over 90% capacity when the residue catalytic cracking unit comes back on line, likely in June. Faster progress at Geelong could ease some of the current supply strain.
The trade doesn’t just go in one direction. If Middle East supply comes back online quicker than some think, refiners could see margins come down from recent highs. If crude prices stay elevated, there’s likely to be more pressure from customers and officials on fuel prices. Ampol’s growth could take another hit if the ACCC rules against it or ramps up divestment demands.
Ampol’s financial calendar shows the next events are a first-half Lytton refinery trading update, which hasn’t been scheduled yet, and half-year results set for Aug. 24. For now, investors are left to trade the shares on fuel margins, oil news and any competition ruling.
