Oil giant BP has come under fire after reporting a surge in profits to nearly £2.4 billion for the first quarter of the year, a sum equivalent to £365 per second, while ordinary households bear the brunt of rising fuel costs linked to the Iran war.
Profit more than doubles amid oil price surge
The bumper profit represents a more than doubling from the £1 billion recorded in the same period last year, and significantly exceeds the £2 billion analysts had forecast. The sharp increase was driven by a spike in oil prices, which have doubled since the outbreak of the conflict in late February.
Criticism from campaigners
Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “These astronomical profits are a startling reminder that when conflict drives up the price of oil and gas, energy companies profit and households pay.”
Maja Darlington, climate campaigner for Greenpeace UK, added: “The oil industry’s capacity to profiteer from human misery is almost limitless.”
Patrick Galey, head of news investigations at Global Witness, commented: “It is horrifying to see BP’s profits grow as millions suffer the fallout from the US-Israel war on Iran. Unfortunately we’ve been here before – when Russia invaded Ukraine four years ago we saw big oil firms make bumper profits from spiralling fuel costs.”
BP's response
Meg O’Neill, BP’s new chief executive, defended the company’s performance, stating: “BP’s team has been working relentlessly to keep our assets producing safely, reliably and efficiently. We are working with customers and governments to get fuel where it’s needed, helping minimize disruption and the impact it can have on people’s lives.”
The oil producer is among the major beneficiaries of the war-driven rise in wholesale energy prices, which have strained household budgets across the UK.
