Fury as Shell rakes in record $9.6bn first quarter ‘profit bonanza’

Shell’s ‘profiteering bonanza’ fuelled calls for a tougher windfall tax on oil giants accused of cashing in on soaring energy prices

The company logo at a Shell petrol station in London (PA Archive)

Shell has sparked fury by raking in a record $9.6bn (£7.6bn) profit in the first quarter of the year while households struggled with soaring energy bills.

The “profiteering bonanza” fuelled calls for a tougher windfall tax on oil giants accused of cashing in on higher energy prices due to Russia’s invasion of Ukraine.

The update from Shell came just days after rival BP reported its second-highest profit on record for the first quarter, of $4.7bn (£3.7bn).