S&P/ASX 200 Index (ASX: XJO) energy share Viva Energy Group Ltd (ASX: VEA) is outpacing the benchmark again today.
Viva Energy shares closed yesterday trading for $2.43. In earlier trade, shares leapt to $2.64 each, up 8.6%. After likely profit-taking and perhaps affected by the latest fast-moving oil market forecasts, in later morning trade shares are changing hands at $2.45 apiece, up 0.8%.
For some context, the ASX 200 is down 0.4% at this same time.
With today's intraday gain factored in, the ASX 200 energy share is up an impressive 38.4% since this time last month, fuelled by surging global oil and gas prices.
Here's what's catching investor interest again today.
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ASX 200 energy share gains on government refining support
The Viva Energy share price is catching tailwinds today following renewed Federal government support for domestic refining.
Amid major global energy market disruptions driven by the war in Iran, the government has increased the Fuel Security Services Payment (FSSP) Margin Marker collar by 3.6 cents per litre, raising it from the previous 6.4 cents per litre to 10 cents per litre.
The ASX 200 energy share welcomed what it called "critical support for domestic oil refining" through to the end of the decade.
Established in 2021, the FSSP provides financial support for Australia's two remaining refineries when regional refining margins fall below long-term cash breakeven costs.
Viva noted that since then, the cost of operating refineries in Australia has increased "significantly".
The ASX 200 energy share said the increased FSSP better reflects the current cash operating costs of its Geelong Refinery,
In 2025, Viva Energy completed its upgrade of the Geelong Refinery to produce low sulphur petrol. And in 2024, the company constructed 90 million litres of additional diesel storage. In total, Viva Energy invested around $500 million in these projects.
What did management say?
Commenting on the improved FSSP terms helping boost the ASX 200 energy share today, Viva Energy CEO and managing director Scott Wyatt said, "Today's announcement underscores the important role that domestic refining plays in strengthening Australian energy security."
Wyatt added:
Viva Energy is proud to own and operate one of the two refineries, that together produce approximately 20% of the country's fuel requirements. Viva Energy's refinery at Geelong produces approximately 50% of Victorian fuel requirements and holds a significant proportion of the country's oil and fuel reserves.
We welcome the Federal government's continued support for domestic refining.
