Ampol Ltd's stock surged 5.09% during intraday trading on Wednesday, following the release of its first-quarter trading update which revealed a significant improvement in refinery profitability.

The company reported that the margin from its Lytton refinery in Queensland more than quadrupled to $25.45 per barrel in the quarter, up from $6.07 per barrel in the previous year. This dramatic increase was driven by the Middle East conflict, which elevated global refiner margins in March.

Additional positive factors from the update included the confirmation that Ampol entered the second quarter with broad-based momentum from the first quarter, has secured fuel supplies through at least the end of May 2026, and was well-positioned in terms of crude and product inventory at the commencement of the Middle East conflict.