Viva Energy (ASX:VEA) lifts group volumes by 9%

Viva Energy (ASX:VEA) said total group volumes during the March quarter rose 9 per cent from the same period a year ago, driven by strong diesel sales within the commercial businesses.

On the other hand, Viva noted that retail fuel sales were impacted by reduced mobility from the Omicron variant and flooding events across NSW and Queensland. However, retail fuel sales were supported by Liberty Convenience network growth.

Viva said retail fuel demand is showing signs of recovery as CBD workers begin returning to offices and motorists benefit from lower retail pump prices, following the Federal Government’s temporary reduction in fuel excise.

The Geelong refining margin during the March quarter was US$8.3/BBL, up from US$5.9/BBL in the prior period due to strengthening refining margins as global oil demand continues to recover and oil market sanctions reduce supply. 

Shares in Viva Energy (ASX:VEA) are trading 0.7 per cent lower at $2.72.