Ampol Limited (ALD.AX) Stock Analysis & Winston Score

Ampol Limited is an Australian fuel company that refines crude oil into petrol, diesel, and jet fuel, then sells those fuels to drivers, trucking companies, airlines, and industrial businesses. It owns the Ampol brand, which is one of the most recognized fuel retail brands in Australia, and operates the Lytton refinery in Queensland — one of the last remaining oil refineries in the country. The company also runs a large network of petrol stations across Australia and has a growing fuels and infrastructure business in New Zealand and the broader Asia-Pacific region. Ampol makes money by refining crude oil and selling refined fuels at wholesale and retail prices, earning a margin on the difference between input costs and sale prices. It operates primarily in Australia and New Zealand, with some international supply and trading activity. The thin margins shown in its financials reflect how sensitive the business is to crude oil prices and refining spreads, and a key risk is that long-term demand for liquid fuels may decline as electric vehicles become more common in Australia.