BP announces half-year profits of $13.44bn

BP today announced half-year profits of US$13.44bn (€8.5bn) after the oil giant benefited from surging energy prices.

The profits – 23% ahead of the same period last year – will add to anger among hauliers over soaring costs as millions of motorists also feel pain from rising forecourt prices.

The results were driven by the rocketing cost of crude oil over the period - finishing June at nearly US$144 a barrel.

Union leaders in Britiain have called for a windfall tax on the profits of both BP and fellow major Royal Dutch Shell.

“Many will find it hard to accept the continued huge profits being made,” said Neil Greig, director of the Institute of Advanced Motorists Motoring Trust.

BP, however, says that it makes less than 1p in profit on every litre of petrol it sells at its 1,300 filling stations across the UK.

In response to calls for a windfall tax, the company adds that it paid $14.5bn (€9.2bn) in taxes worldwide last year – of which $2.33bn (€1.5bn) was in the UK.