Oil giant BP has revealed its profits more than doubled for the past three months.

Despite the dangers of fossil fuels to the climate now being well known, they are still a big moneymaker – and the news on exactly how much comes amid calls for stricter ‘windfall taxes’ on large profits from energy companies.

The price ordinary people are paying for electric, oil and gas has rocketed following Russia’s invasion of Ukraine and the Covid-19 pandemic, causing concern about how people will afford to heat their homes.

In May, then Chancellor Rishi Sunak announced there would be a £5 billion windfall tax of 25% on North Sea gas and oil companies to get some funds to support those struggling with bills.

Since then, energy prices (and profits) have surged even further, with calls for the windfall tax to be extended – something former prime minister Liz Truss ruled out but her successor Rishi Sunak is said to be considering.

BP confirmed it will be hit by the current windfall tax on its UK operations this year, unlike rival Shell, which paid no UK tax on its North Sea oil and gas production last year.

After becoming prime minister, Liz Truss announced that all households would receive support to pay their energy bills for two years, with the average price they paid capped at £2,500 and the government paying the difference.

But after Rishi Sunak took over, he restricted the support to end in April next year saying the scheme was otherwise unaffordable, meaning people are likely to still face a high burden of energy costs in 2022.

Responding to the news of BP’s bumper profits, Friends of the Earth energy campaigner Sana Yusuf said: ‘The case for a bigger, bolder windfall tax is now over-whelming. This must address the ridiculous loophole that undermines the levy by enabling companies to pay the bare minimum if they invest in more planet-warming gas and oil projects.

‘Some of the billions of pounds raised should be used to pay for a street-by-street, home insulation programme to cut energy bills and reduce emissions. As well as providing long-term financial relief to households – especially those most in need – this would boost energy security, cut our gas reliance and help the UK meet legally binding climate targets.’

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