Franco Capaldo and Dan Atkinson
UK Daily Mail
Sunday, Oct 25, 2008
BP and Royal Dutch Shell will this week report massive third-quarter profits totalling nearly £9 billion, angering motorists who are still paying high prices at the petrol pumps.
BP, Europe’s second-biggest oil company after Shell, is on Tuesday expected to report profits of £4.2 billion for the three months to the end of September – a stunning 130 per cent jump on the same period last year.
Shell is set to report a 48 per cent rise on its third quarter last year to £4.6 billion two days later.
Shell and BP combined were making almost £4 million an hour in the past three months as they benefited from the high price of crude oil.
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Oil was trading at $143 a barrel on July 1, but it fell to $99.56 by September 30 and it closed last week at $61.79.
Consumers have been paying record prices on forecourts, though they were offered some relief last week when a petrol price war broke out between the major supermarkets.
Sainsbury’s, Tesco and Morrisons all said they had cut prices while Asda pledged to freeze prices for ten days, regardless of the oil price.
At some supermarket forecourts motorists are now paying 90p a litre with the offer of special promotions, its lowest price since April last year.
This article was posted: Sunday, October 26, 2008 at 6:13 am