Fuel prices at the bowser are expected to remain under pressure as conflicts in the Middle East and Russia continue to impact crude oil supplies.
Local fuel seller and refiner Ampol swung to a $1.4 billion first-half statutory net profit in the six months to June 30, up from a $25.3 million loss in 2025's first half.
The company's unique trading and shipping capability had helped it capitalise on tight market conditions, and chief executive Matt Halliday was optimistic about its road ahead.
"We are confident about our future earnings potential, with the number of tailwinds likely to persist, albeit not at the same levels as in the first half," he told an earnings briefing on Monday.
"The overarching context is that oil product markets are expected to remain tight, as global refinery runs continue to be impacted by the ongoing conflicts in both the Middle East and Russia."
Crude oil prices have rocketed since US-led attacks on Iran sparked a regional conflict and the effective closure of a key shipping route, while Russia has resorted to gasoline imports and a diesel export ban after Ukrainian drone strikes hammered its refining capacity.
The Brent oil benchmark is trading at $91.35 a barrel, up almost 25 per cent from its pre-Iran conflict price, but down from almost $US120 in early March.
Ampol's net profit on a replacement cost basis - which excludes the impact of oil prices on inventories - jumped more than four times to $857.2 million in the six months ended June 30, from $180.2 million a year earlier.
Ampol said crude oil and energy product markets have continued to be volatile into the second half due to the Iran war, although that was also helping regional refining margins.
"We are not suggesting that the exceptional market conditions experienced in the first half represent a new normal," Mr Halliday said.
"However, those market conditions do now appear tighter for longer."
Ampol is Australia's largest transport fuel provider, accounting for about 15-20 per cent of total refined fuel needs.
The company completed its buyout of EG Group Australia at the end of the period, but its divestment of more than 41 stations to Metro Petroleum to appease the competition watchdog is unlikely to be finalised until the end of 2026.
Ampol declared a record interim dividend of $1.85 cents, more than quadrupling from 40 cents the year before.
Investors welcomed the result, lifting Ampol shares 2.1 per cent to $40.70 in morning trading
"Overall, this result was driven by materially elevated Lytton refining margins, broad-based improvement across the fuel supply chain, and resilient convenience retail performance," RBC Capital Markets analyst Gordon Ramsay said.
