Huge profits made by BP are bringing renewed calls for a windfall tax on the oil giants.

BP has reported record third-quarter profits of $10 billion (£6.4bn) thanks to soaring oil prices.

The huge haul for the July-September period is a whopping 148 per cent above the same period last year.

It came as crude oil prices hit a new peak above $147 a barrel in mid-July, although these have since fallen to just above $60 a barrel, despite moves by oil cartel Opec to cut production.

BP's profits are likely to spark fresh protests from motorists and businesses who have felt the pain at the petrol pump this year.

And a Downing Street spokesman said the drop in oil prices should be passed onto customers.

He said: "I think the oil companies should recognise these are worrying and difficult times for many people and we want the benefits of the price changes to feed through to people who have to pay the bills."

"Their customers will expect answers on when prices are likely to come down."

Shadow chancellor George Osborne said: "BP have absolutely no excuse for not passing on any fuel price falls to customers. It would be a scandal if they do not."

Tony Woodley, joint leader of Unite, said: "Struggling, worried families will have every right to feel angry that as the temperature plummets, BP's profits rocket.

"It is no longer acceptable for the Government to stand on the sidelines while such astronomical windfall profits are raked in. It is time to put an end to this obscene profiteering.

"A windfall tax on the oil giants would help six million people heat their homes this winter and would send the clear message that profiteering from the basics of life is not just immoral but will not be tolerated by our Government."

BP chief executive Tony Hayward said: "Although it has since fallen away sharply, the high oil price of the third quarter obviously helped our absolute result."

Despite the boost from record oil prices, Mr Hayward maintained that BP had also benefited from an improved operating performance.

Mr Hayward said the company was well-set to weather the storm of a global recession and the prospect of falling oil prices.

He said: "I believe that BP is well-positioned to cope with such volatility. Our balance sheet is strong and we have committed less of our portfolio to high-cost options like tar sands and gas conversion than some of our peers."

BP has upped its dividend payments, which are around 60 per cent higher than a year ago in sterling terms, and Mr Hayward said the firm was delivering on its promises to shareholders.

© Independent Television News Limited 2009. All rights reserved.