BP's preferred profit measure surged by more than 130 per cent to a better-than-expected 3.2 billion US dollars (£2.4 billion) in the first quarter, up from 1.38 billion US dollars (£1.02 billion) a year earlier and 1.54 billion US dollars (£1.13 billion) in the previous three months.
The significant profit increase is largely attributed to the soaring cost of crude oil, driven by the Iran war. Campaigners, including Friends of the Earth and the End Fuel Poverty Coalition, criticised BP for profiting from global instability at the expense of households facing rising fuel prices and a cost-of-living crisis. The End Fuel Poverty Coalition specifically called for a windfall tax on energy firms benefiting from the Iran-related energy crisis.
BP's new chief executive, Meg O'Neill, said the company is focused on maintaining safe, reliable, and cost-efficient operations to ensure fuel supplies across the UK. She added that the company remains committed to its strategy of balancing oil and gas production with investments in low-carbon energy.
However, critics argue that BP's windfall profits come at a time when millions of Britons are struggling with high energy bills. The End Fuel Poverty Coalition warned that without government intervention, the situation could worsen as winter approaches.
