BP has been condemned for raking in “grotesque” profits of £511 a second.
The oil giant made £4billion in just three months – adding to its £23.4bn haul last year – amid Russia ’s war in Ukraine.
BP’s latest profits, between this January and March, were around £560millon more than analysts who follow the company predicted it would make.
Investors were rewarded with plans for another £1.4bn share buyback programme.
The huge sums from high energy prices come ahead of what are expected to be bumper profits from rival Shell later this week.
Oil producers have seen profits rocket since Russia invaded Ukraine.
Critics have renewed calls for another windfall tax on the firms.
Labour leader Keir Starmer said: “Of course we want BP and others to make profits so they can invest. But these are profits they didn’t expect to make. These are profits over and above because the world price of energy is so high.”
Mr Starmer said Labour wants to use an “effective” windfall tax to freeze council tax so money is passed on to people.
He told the BBC : “This is a cost of living crisis. It’s about choices.
“Labour is choosing to use those excess profits, use a proper windfall tax and use that directly to help people with the bills that they’re struggling with.”
Mr Starmer claimed the Government’s existing windfall tax has a loophole that allows companies to reduce the amount they pay if they invest in new oil and gas exploration in the UK.
He added: “It means that the amount of money that is yielded from that tax is much reduced from what it could be.”
The Government’s energy profits levy charges means companies are charged 75% on the profits they make in the North Sea.
But for every pound they invest in their UK oil and gas business they can write down their tax by 91p. The Government has insisted this will encourage investment in the UK and protect the country’s energy security.
BP said yesterday it had paid £521m in UK taxes in the first three months of this year – nearly half of that through the energy profits levy – and £1.8bn last year.
Unite general secretary Sharon Graham said: “BP’s grotesque profiteering is continuing at pace.
“Sunak’s government is asleep at the wheel. It needs to learn from the Norwegian government, which takes billions more out of North Sea oil profits than the UK does.”
Lib Dem leader Ed Davey said: “These eye-watering profits are a kick in the teeth for all those struggling to pay their energy bills.
“The Conservative Government has let oil and gas giants off the hook for billions, while people and businesses struggle to pay for their gas and electricity.”
