BP's €11bn profit on soaring oil price prompts calls for windfall tax in Britain

Tax would fund extra help for hard-hit households braced for a sharp rise in energy bills and a wider cost of living crisis

BP’s annual profits reached an eight-year high of $12.8bn (€11.3bn) in 2021 as it benefited from a surge in energy prices.

BP’s annual profits reached an eight-year high of $12.8bn (€11.3bn) in 2021 as it benefited from a surge in energy prices, prompting renewed calls for a windfall tax on fossil fuel companies to relieve the financial pressure on households facing a sharp rise in bills.

The bumper annual results were aided by a $4.1bn profit in the final quarter of 2021 as global gas demand recovered and oil prices rallied to seven-year highs. The annual profits compared with a $5.7bn loss in 2020, when the Covid-19 pandemic reduced demand for energy.