Australia's four remaining oil refineries are being pushed to breaking point by a sharp slump in fuel use with operators fearing demand will stay below pre-pandemic levels for the foreseeable future and less air travel is here to stay | NickToscano1
Australia's four remaining oil refineries are being pushed to breaking point by a sharp slump in fuel use with operators fearing demand will stay below pre-pandemic levels for the foreseeable future and less air travel is here to stay.
"For retail fuel demand, Victoria's stage 4 restrictions clearly have future impact there. We expect further volatility, which is why we are positioned with a very strong balance sheet."Viva Energy and Ampol, which have slowed output from their refineries for extended periods in a bid to weather the enormous strain on their profit margins, are now facing the reality of an uncertain and much slower-than-expected recovery in petrol and jet fuel consumption.
In the past decade, three Australian oil refineries – which process crude oil into refined products such as petrol, diesel and jet fuel – have closed down as the domestic sector struggles to compete against the mega-refineries of south-east Asia with their vastly larger scale and lower operating costs.
Mr Halliday said he believed the government understood the pressure facing refineries and that the market conditions were likely to "remain challenging".
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