Scott Wyatt

So the majority of what we produce at Geelong will continue unaffected once we've brought all the units back up to their normal capacity.

Yeah, it didn't go up as much, Alan.

I think obviously the world is short crude at the moment, and that crude

is normally processed by the crude that comes out of the Middle East is, you know, an important part of the crude diet for refineries within our region where we, you know, as it were, Australia sources a lot of its refined fuel.

So those refineries are short crude.

And as a result, they're making less refined products than they would normally make.

So the cost of both crude oil and refined products have both gone up as a result of this conflict.

To put it in context in terms of where the oil price sits today, it's gone up about $30 a barrel since the end of February.

But the cost of buying diesel and jet fuel from the region has gone up by about $120 a barrel, so significantly higher, just representing the huge demand for those products.

Petrol's gone up by about $50 a barrel, so gone up less, just reflecting that the

The demand for gasoline is not as strong as it is for jet fuel and diesel, which is the fuels of the engine room of the economy, really, within the Asia-Pacific region.

Yeah, I mean, look, it's important that our refinery obviously plays a role in continuing to provide fuel.

supply to the market.

And refineries in Australia compete with imports.

I mean, we make the two refineries that are in Australia make about 20%

of Australia's fuel.

So it's a relatively small proportion, but a really important proportion during these times.

And we compete with imported fuel because that's the alternative and the way that the country supplies the rest of the market.

So when you talk about import parity, that's the maximum price that refineries can ultimately charge for the fuel that we make.

For a long time, it's been a very difficult business to run because imported fuel is generally quite cheap.