Bumper BP profits of £4bn in three months spark criticism

Oil and gas giant BP has reported strong profits for the beginning of the year as energy prices remain high.

Profits hit $5bn (£4bn) in the first three months of the year, although this was down from $6.2bn last year with oil prices having fallen from the peak seen after Russia's invasion of Ukraine.

Bumper profits from energy firms have led to calls for them to pay more tax with households facing high bills.

Labour and the Liberal Democrats called for changes to the windfall tax.

Labour leader Sir Keir Starmer called for a "proper" windfall tax on energy profits.

"Of course we want BP and others to make profits so they can invest but these are profits that they didn't expect to make, these are profits that are over and above because the world price of energy is so high," he told BBC Breakfast.

Liberal Democrat leader Ed Davey said: "These eye-watering profits are a kick in the teeth for all those struggling to pay their energy bills."

He added that the government had "let oil and gas giants off the hook for billions of pounds while people and businesses struggle to pay for their gas and electricity".'

A Treasury spokesperson said: "Through the Energy Profits Levy we are ensuring excess energy profits... are being used to ease the pressure on families up and down the country.

"These funds are being used to hold down people's energy bills and fund one of the most generous cost of living packages in the world- worth £94bn which is around £3,300 per household this year and last."

BP reported record annual profits last year as the company - along with the rest of the energy sector - benefitted from the surge in oil and gas prices following Russia's invasion of Ukraine.

It has led to big profits for energy companies, but also fuelled a rise in energy bills for households and businesses.