BP has come under fire after revealing profits more than doubled in the first three months of the year thanks to the soaring cost of crude caused by the Iran war.
The firm revealed its preferred profit measure – underlying replacement cost profit – surged by over 130% to a better-than-expected £2.4 billion in the first quarter, up from £1.02 billion a year earlier and £1.13 billion in the previous three months.
Campaigners accused the group of profiting at the expense of households, who have seen fuel prices rocket at the pumps and are set to see energy bills jump higher when the price cap is next updated on July 1.
End Fuel Poverty Coalition campaign group’s co-ordinator Simon Francis said: “These astronomical profits are a startling reminder that when conflict drives up the price of oil and gas, energy companies profit and households pay.”
Chancellor Rachel Reeves said energy firms’ profits “is exactly why” the Government has extended the energy profits levy.
She told the Commons: “In the first three months of this year, I think it’s important to know that revenues from fuel duty were no higher than they were just a year ago.
“And with regards to the profits of energy companies, that is exactly why we extended the energy profits levy to make sure that windfall profits could be taxed appropriately.”
Oil prices have raced higher since the US-Israel war on Iran started on February 28 and are now more than 60% up so far this year.
