Saudi Aramco Base Oil, also known as Luberef, saw profit fall in the first three months of the year from the previous quarter as lower base oils prices contrasted with steadier crude oil prices.

The base oil refiner’s operating profit of 473.54mn Saudi Riyals ($126.3mn) in the first three months of the year fell from SAR642mn during the final quarter of last year.

Profit was up 12pc from year-earlier levels.

Profit fell from the fourth quarter as a 1pc fall in sales contrasted with an 18pc increase in costs.

Sales also fell by 34pc from year-earlier levels, partly because of a 14pc drop in sales volumes.

Luberef completed scheduled maintenance work at its Group I base oils unit in Jeddah during the first quarter of the year.

Lower sales and higher costs cut the refiner’s first-quarter operating profit margin to 26.4pc, down from 35.5pc during the previous three months.

The profit margin was still the second highest since first-half 2021.