It comes after Shell reported big earnings last week, at a time when fuel and energy prices are soaring. Fossil fuel companies have been accused of greed at a time of crisis for millions of consumers.
TUC general secretary Frances O’Grady said of BP’s benefits: “Every family should get a fair price for the energy they need. But with energy bills rising far faster than wages , these benefits are an insult to struggling families.
“For a fair approach to the cost of living crisis, price and benefit rises must be curbed. Ministers must do more to get wages up across the economy. And we should bring publicly owned retail energy companies to be able to reduce bills for basic energy needs.”
According to its quarterly results, published this morning (Tuesday), BP’s underlying profits rose from $6.2bn (£5.1bn) in the first three months of the year. Its reported profit for April-July was $9.3bn (£7.6bn) before adjustments.
The firm itself said that one of the key factors behind this was “continued outstanding performance of the oil business”.
As a result of the high profits it has achieved, the UK-based company said it would increase its dividend by 10 percent.
While this may be good news for shareholders, many have already expressed outrage at Shell’s soaring profits, which more than doubled in the past three months alone to £9.4 billion.
This morning a consultancy said it predicted household energy bills could rise to more than £3,600 a year this winter, more than previous forecasts, which already broke the bank.
Cornwall Insight estimated that the typical gas and electricity bill could reach £3,615 in the new year.
Dr Craig Lowrey, the company’s principal consultant, told the BBC that “while the increase in forecasts for October and January is an urgent concern, not only the level but the duration of the increases means that these new forecasts are so devastating.
“Given the current wholesale price level, this level of household energy bills currently shows little sign of abating until 2024.”
Last week, reports emerged that Ofgem is expected to raise the energy price cap in October, to £3,420, triple what consumers were paying at the start of the year.
The Government has announced that homes in England, Scotland and Wales will receive £400 to help with rising fuel bills this autumn, which will be paid in six installments from October.
But with energy bills expected to top £3,000, £67 a month will seem like a drop in the ocean to many.
The energy bill support scheme will also include a £650 payment to more than eight million households on the lowest incomes.
Trade body EnergyUK has called on the government to cut taxes on household energy bills.
Meanwhile, petrol prices have only started to fall slightly in recent weeks, but the RAC said the UK remains the joint second most expensive country in Europe to fill up, next to Denmark and behind Finland.
The motoring group said the UK’s 5p fuel tax cut was one of the lowest in the region and appeared “tiny” compared to other nations that had imposed a similar cut.
BP said it had a reported loss of $20.4bn (£16.7bn) in the first quarter of 2022, but noted that this was largely due to the burden incurred by divesting its stake of almost 20% in the Russian oil giant Rosneft after the invasion of Vladimir Putin. Ukraine