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BP quarterly profits more than trebled to 14-year high amid cost of living crisis

01:03

BP quarterly profits more than treble to 14-year high amid cost of living crisis

BP has revealed that their quarterly earnings have trebled to a 14-year high, as households are struggling to pay for rocketing bills.

Oil and gas prices have soared, meaning that BP and their rival Shell have reaped the benefits.

BP’s profits hit $8.45bn (£6.9bn) between April and June, more than treble their earnings this time last year.

Though the government has introduced rules so oil and gas companies pay an extra 25% on profits made in the UK, BP will not have to pay on the profits made between April and June.

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