• The Federal Government has increased the Geelong Refinery Fuel Security Services Payment (FSSP) Margin Marker cap and collar
• The FSSP will be paid when the average Geelong Refining Margin Marker falls below 10Acpl (A$15.9/bbl) over a calendar quarter
• The maximum support rate under the scheme remains unchanged at 1.8 Acpl (A$2.9/bbl)

The Federal Government has increased the Geelong Refinery Fuel Security Services Payment (FSSP) Margin Marker cap and collar by 3.6 Australian cents per litre (Acpl), equivalent to A$5.7/bbl. The FSSP will be paid when the average Geelong Refining Margin Marker falls below 10Acpl (A$15.9/bbl) over a calendar quarter. The maximum support rate under the scheme remains unchanged at 1.8 Acpl (A$2.9/bbl), on actual production of key transport fuels (gasoline, jet and diesel) from the refinery. This change ensures that the FSSP better reflects the current cash operating costs (both operating and sustaining capital expenditure) which have risen significantly since the FSSP was established in 2021. Viva Energy Group Limited welcomes the Federal Government's announcement, as it underscores the important role the domestic refining sector plays in strengthening Australia's energy security. Viva Energy has invested ~$500M in critical projects at the Geelong Refinery, including upgrading the refinery to produce low sulphur petrol and constructing additional diesel storage.

The Federal Government has increased the Geelong Refinery Fuel Security Services Payment (FSSP) Margin Marker cap and collar, ensuring the FSSP better reflects the current cash operating costs of the refinery.