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BP reports profits of £4bn in latest results as millions struggle with energy prices

Energy giant BP turned over a profit of £4billion ($4.96bn) in the first three months of the year, the group announced on Tuesday.

This was less than £4.96bn ($6.2bn) that BP made in the same quarter last year but far exceeds the £3.44bn ($4.3bn) analysts had predicted.

It comes as families across the UK have been struggling to pay their energy bills and feed their households during the energy crisis.

Bumper profits have led to calls for energy firms to pay more tax as millions of households struggle with the rising cost of living.

The Government has introduced a windfall tax on profits made from extracting UK oil and gas – called the Energy Profits Levy – to help fund its scheme to lower gas and electricity bills.

As a result household bills are expected to start to come down this summer.

BP said the bumper profit was the result of “an exceptional gas marketing and trading result, a lower level of refinery turnaround activity and a very strong oil trading result”.

However, they added this was “partly offset by lower liquids and gas realisations and lower refining margins”.

The company has rewarded shareholders with 6.6 cents per share dividend payment – an increase from 5.4 cents last year.

The results are expected to spark fresh debate over whether oil and gas firms should face a higher windfall tax.

Labour leader Keir Starmer wrote on Twitter calling for a “proper windfall tax on oil and gas giants” to fund a freeze on council tax to protect struggling households against increasing fees.

He said: “Politics is about choices. The Tories let energy companies make record profits while people struggle with the cost of living.

“Labour would deliver a proper windfall tax on oil and gas giants to freeze council tax this year.”

This story is being updated.

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