A sudden out-of-control fire at Viva Energy’s Corio oil refinery near Geelong, Victoria, has prompted the Australian fuel giant to request a temporary suspension of its shares on the Australian Securities Exchange (ASX), sending ripples through domestic energy markets amid already volatile global supply conditions. The blaze erupted overnight following a reported equipment failure, with multiple eyewitness accounts confirming successive explosions at the site, one of only two operating oil refineries remaining in Australia.
In an official filing to the ASX, Viva Energy, a leading domestic refiner, importer and distributor of petroleum products, confirmed it had applied for a trading halt that will remain in effect until either the company issues a detailed public update on the incident or markets open on Monday, 20 April 2026. The request comes at a time when Viva Energy’s shares have already seen significant upward momentum, surging 21.63% over the past month as escalating Middle East conflicts disrupt global oil production and shipping routes.
Addressing reporters at a press conference on Thursday, Viva Energy chief executive Scott Wyatt confirmed that the fire has hit critical infrastructure within the refinery’s petrol production complex. “The units that are impacted are in the petrol complex and are part of the collection of units that do make petrol,” Wyatt said. He added that while some petrol production units remain undamaged, output of the fuel will almost certainly be affected in the coming period, with the full scale of disruption dependent on damage assessments and adjustments to refinery operations.
The incident comes just one week after Australian Prime Minister Anthony Albanese announced a new government-backed support scheme for the nation’s two remaining refineries – owned by Viva Energy and competitor Ampol respectively. Under the scheme, Export Finance Australia will provide underwriting for domestic fuel imports, a policy designed to shore up national fuel security after decades of refinery closures across the country left Australia reliant on just two domestic production facilities. Analysts warn that any extended outage at the Corio refinery could put additional pressure on national fuel supplies and push petrol prices higher for Australian consumers, at a time when global energy markets are already facing significant uncertainty from geopolitical tensions.