The Caltex Australia Limited share price continues to edge lower

The Caltex Australia Limited (ASX: CTX) share price looks set to finish the day in the red.

In afternoon trade the shares of the fuel supplier and retailer are down almost 1% to $31.80.

This morning the company provided the market with an update on its Caltex Refiner Margin (CRM) for the month of May.

According to the release, the May unlagged CRM was US$9.94/bbl. This is below the prior month (US$15.74/bbl) but 6 cents higher than the CRM of May 2016.

This was partly a result of the planned shutdown of the Benzene Hydrogenation Unit. This interrupted premium gasoline production, resulting in a higher portion of regular gasoline production.

But despite today’s decline, shareholders may have reason to be optimistic about the future.

Last month the company finally completed the acquisition of Milemaker Petroleum’s retail fuel business assets in Victoria for $95 million.

The deal will see 46 Milemaker sites added into the core Caltex network in Melbourne.

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