BP makes £17,000 profit a minute

Oct 26, 2004 02:00 AM

BP revealed it made £17,000 profit every minute as petrol prices soared. The company's massive profits were announced as drivers struggled with near-record forecourt prices.
The cost of filling up has risen by more than 8 % so far this year and is expected to go even higher on the back of oil price increases. The average cost of a litre now stands at 84.3 pence.

BP, Britain's biggest company, reported profits totalling $ 3.937 bn (£ 2.14 bn) in the three months from July to September. This was a rise of 43 % on the same period last year. The results were even better than some City analysts had been forecasting.
Edmund King, executive director of the RAC Foundation, said: "Very many motorists will question why, when the oil giants are making huge record profits, they are still paying near-record prices at the pumps."

The world's top five oil companies -- ExxonMobil, BP, Royal Dutch/ Shell, ChevronTexaco and ConocoPhillips -- are expected to have generated combined profits of almost £ 11 bn in the last three months. Despite the rising costs at the pumps, oil company bosses say that they are not profiteering and margins on the fuel sold at forecourts are tiny.
The cost of petrol has leaped this year, rising more than seven pence a litre from just 77 pence in January. But the most alarming rises have been in the past few weeks -- caused by instability in the Middle East and little hope of oil cartel OPEC significantly boosting supplies.

The AA said motorists should brace themselves for further rises. The cost of a barrel of crude oil reached a record $ 55.33.
Experts say it could hit $ 60 by the end of the year.

Source: This is London
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