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Most of the energy giant’s 82,000 staff worldwide will get an 8 percent boost, after the company doubled its profits in the past three months alone to £9.4billion. Fossil fuel companies have been accused of profiteering from a crisis.

It comes as energy bills are expected to soar to well over £3,000 this winter, with the increase in energy costs being seen as a key strain on household incomes.

Shell said top executives will be excluded. Its CEO, Ben van Beurden, currently makes an estimated £6.2million.

In the first three months of the year, Shell made $9.1billion (£7.4billion) as the commodity price shot up amid Russia’s invasion of Ukraine.

Rather than sharing profits with consumers, the company is expected to shell out £6.5billion to shareholders.

Earlier this week, BP reported a record profit for the last three months of $8.45billion (£6.9billion) – its highest in fourteen years.

The swelling profits of petrochemical giants have been fuelled by a dip in supply, as Western nations sanctioned Russian oil vendors and supply from Ukraine dried up – pushing wholesale prices higher.

But the higher prices have also meant that the price of energy for consumers has skyrocketed. 

More to follow…

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