‘Record’ profits fuel outcry for new energy tax

ENERGY giant Shell is set to announce record annual net profits of more than £32.3billion at its results on Thursday, on the back of high gas and oil prices.

The following week, rival BP is tipped to say its net profits for 2022 rose more than 25 per cent to £7.6billion, having also benefited from higher energy prices.

The bumper profits expected from Britain’s oil majors are likely to spark renewed calls for windfall taxes. Howard Cox, founder of campaign group Fairfueluk, said action is needed from the Government to stop oil groups “ripping off motorists” and adding to the cost-of-living crisis.

He added: “In a time of huge inflation, striving so hard in order to fill up your essential car, van, or truck at a Shell garage, you can be comforted you have helped double this global oil giant’s already mega profits.

“It is even more sickening that forecourts like Costco can sell petrol and diesel so much cheaper, 10p to 20p per litre less

than Shell.the ruthless exploitation of drivers by the big oil brands has to be checked.”

Analysts believe Shell will unveil a £32.6billion profit, after its revenues shot up 51.5 per cent to £320.3billion. Its full year dividend is tipped to be hiked nearly a quarter to 90p per share, a payout worth £6.3billion to shareholders.

At its results on February 7, BP is expected to report its 2022 revenues soared 42.6 per cent to

£182billion and raise dividends 6.3 per cent to 19p. Shareholders would then receive £4.2billion.

Offshore Energy UK said any new windfall taxes would be “disastrous for the UK’S energy supplies and energy security”.

It believes tax rises, along with reducing incentives to invest in oil and gas fields and tax breaks, would lead to production halving by 2030, increasing Britain’s reliance on overseas suppliers due to continued demand for oil and gas.