BP announces huge £6.9billion profit amid soaring fuel and energy bills

BP has become the latest giant firm to announce huge profits while Brits battle spiralling prices for fuel and energy. The company has today (August 2) announced profits of £6.9billion for the three months to June 2022.

The staggering sum is worth more than triple the amount it made over the same three months in 2021 - and is the second highest profit BP has made in its history. It comes as the cost of oil and gas has surged over the past year, with households fearing another painful price hike on their energy bills ahead of winter.

BP is not the only firm to have posted eyewatering profits amid the cost of living crisis. Last week, Shell announced a new record three-month profit of almost £10billion, smashing the previous record set earlier this year.

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And British Gas owner Centrica saw its profits increase five-fold to £1.34 billion in its latest announcement. UK households have already seen energy bills rise with a price cap hike back in April, and the limit is currently expected to increase again in October to £3,500 a year.

Appearing on the BBC's Today programme last week, Martin Lewis urged the 'zombie government' to act, adding: "People will be panicking, it will be desperate - they're already panicking right now." Meanwhile, prices at fuel pumps have soared over recent months.

The RAC says the UK government has taken some of the lowest action to tackle fuel costs in Europe, although some retailers are now finally beginning to reflect the falling wholesale cost which has taken place in recent weeks. Commenting on his firm's profits today, BP chief executive Bernard Looney said: “Today’s results show that BP continues to