Ampol (ASX:ALD, NZE:ALD), and Viva Energy (ASX:VEA) are expected to benefit from the revised Fuel Security Services Payment (FSSP), according to a Friday Jefferies note.

Although the revised FSSP may not be a near-term need due to a strong refining environment, it reinforces the importance of Australia's remaining two refineries for fuel security and positions both companies well to negotiate a favourable long-term framework, the note added.

According to Jefferies, there is potential for a model similar to a regulated return on refinery capital, which would be highly supportive for valuations.

Jefferies kept a buy rating on Ampol and raised its price target to AU$36.50 from AU$35.

Jefferies kept a hold rating on Viva Energy and raised its price target to AU$2.20 from AU$2.