BP sees profits soar to £6.75bn

Updated 13.59 Tue Jul 29 2008
Keywords: BP

Oil giant BP has announced half-year profits of £6.75 billion after benefiting from surging energy prices.

The half-year figure converts to a profits haul of £1.5 million an hour. It is 23 per cent higher than the same period last year and will add to anger among hauliers over soaring costs as millions of motorists also feel the pain of rising forecourt prices.

Union leaders have called for a windfall tax on the profits of both BP and fellow major Royal Dutch Shell

The results were driven by the rocketing cost of crude oil over the period - finishing June at nearly $144 a barrel.

Union leaders have called for a windfall tax on the profits of both BP and fellow major Royal Dutch Shell.

"Many will find it hard to accept the continued huge profits being made," said Neil Greig, director of the Institute of Advanced Motorists Motoring Trust.

BP, however, says that it makes less than 1p in profit on every litre of petrol it sells at its 1,300 filling stations across the UK.

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