Calls for a windfall tax on energy firms grew tonight after BP revealed it raked in obscene profits of £880 a second.
The oil giant made £6.9billion in the three months to June – three times as much as last year.
But as millions struggle with the cost of living crisis BP’s petrol pumps were found to the UK’s dearest.
The cash bonanza comes after rival Shell and British Gas owner Centrica announced combined profits of nearly £11billion last week, as energy costs soar due to the Ukraine war. And it brought the quarterly profit tally for the top Western energy firms to £48billion.
At the same time, more evidence emerged of the devastating impact of soaring prices on households.
A Nationwide Building Society study found more than a third of people are spending less on food to keep their car on the road.
Unite general secretary Sharon Graham branded the oil windfalls an “epidemic of unfettered profiteering”.
Greenpeace UK’s chief scientist said: “While households are being plunged into poverty, fossil fuel companies are laughing all the way to the bank. Government must bring in a proper windfall tax on these monster profits.”
Friends of the Earth campaigner Sana Yusuf added: “It beggars belief that these companies are raking in such huge sums in the midst of a cost of living crisis.
“The money raised should be used to help hard-up households with soaring energy bills.”
AA data revealed that last month BP forecourts were charging a typical 191.17p a litre for petrol, 2.74p more than the national average. And consultants Cornwall Insight today warned average energy bills will jump from £1,971 to more than £3,615 in the new year – and would remain above £3,000 a year until 2024.
BP also announced a new £3.2billion windfall for shareholders.
Chief executive Bernard Looney – who called the firm a “cash machine” – could make much as £11.7million from the profits surge.
He insisted BP was “investing to accelerate a transition… to affordable and lower carbon energy”.
'We need long-term solutions' - Carly's story
By Matt Roper
Single parent Carly Newman says she can’t understand how oil companies are allowed to rake in huge profits while struggling customers face price hikes.
Carly, 36, who works four days a week for a charity, is trying her hardest to pay the bills at her rented flat in London, which she shares with her son Ezra, four.
She says: “There’s clearly a lot that seems unfair, unjust, unequal and not OK. But that is capitalism at its finest I assume.
“Vulnerable people will be especially struggling and will ultimately pay a much harsher price for this.”
“People need long term, realistic support or solutions to bringing down costs again. They could start with regulating the energy industry better, an industry that clearly isn’t working for us, but it is working for them.”
