Shell sees $1bn gain in refining on record fuel prices

Shell’s indicative refining margin jumped to $28.04 (€27.47) a barrel in the second quarter, up from $10.23 (€10.02) in the first three months of the year

The trading update from the London-based energy giant is the first indicator of just how much cash was flowing into the coffers of major oil companies due to the inflationary surge in the price of gasoline.

Shell Plc said surging margins from fuel production could have added more than $1bn (€980m) to the earnings of its refining business last quarter, when gasoline prices broke records in several countries.

The trading update from the London-based energy giant is the first indicator of just how much cash was flowing into the coffers of major oil companies due to the inflationary surge in the price of gasoline, which rose above $5 (€4.90) a gallon in the US for the first time.