Aug 8 (Reuters) - HF Sinclair's quarterly profit blew past Wall Street estimates on Monday, becoming the latest refiner to reap benefits of the surge in demand for fuel and refined products.

The company's results, which analysts at Credit Suisse described as the 'best quarter ever', was bolstered by tight global crude supplies after Western sanctions on Russia, at a time when fuel demand was soaring past pre-pandemic levels.

Strong margins for gasoline and diesel also helped refiners like Valero Energy and Marathon Petroleum beat market expectations last week.

HF Sinclair, which added 20 fuel retail sites in the April to June period, said it is seeing product inventories below the five-year averages and demand for diesel at or above 2019 levels.

"Heading into the second half of the year, we are constructive on the outlook for transportation fuels, supported by low product inventories and healthy global demand", Chief Executive Officer Michael Jennings said on a call with analysts.

HF Sinclair, formerly known as HollyFrontier, said refinery gross margins more than tripled to $36.36 per produced barrel in the reported quarter, while net income from refining segment soared to $1.56 billion from $250.1 million, a year earlier.

Strong product demand helped its Lubricants and Specialty Products segment post a profit of $135.1 million in the June quarter, more than double of what it earned in the year-ago quarter.

The company's shares were trading 1% higher at $46.80.

The refiner said the second-quarter results also reflect special items including acquisition integration costs of $12.5 million and decommissioning charges of $0.5 million related to the Cheyenne refinery conversion to renewable diesel production, which decreased total net income by $37.3 million.

Its adjusted net income rose to $1.26 billion, or $5.59 per share, from $143.8 million, or 87 cents per share, a year earlier.

Analysts had estimated the company to post a profit of $4.56 per share, according to Refinitiv IBES. (Reporting by Rithika Krishna in Bengaluru; Editing by Shailesh Kuber)