• High oil and gas prices caused by Russia’s invasion of Ukraine helped BP make a large profit.
• The oil giant’s quarterly earnings was $8.2bn.
• BP expects to pay $800m in UK windfall tax this year.

High oil and gas prices caused by Russia’s invasion of Ukraine helped BP make a large profit from July to September.

The oil giant’s quarterly earnings was $8.2bn (£7.1bn), more than double last year’s.

BP expects to pay $800m in UK windfall tax this year, a May government levy.

Rishi Sunak’s windfall tax covers UK oil and gas income.

Mr. Sunak said the Energy Profits Levy will raise £5bn in its first year.

BP’s huge profit growth may reignite calls for the UK government to raise energy businesses’ windfall tax.

Shell, BP’s rival, confirmed this week that it had invested millions of pounds and paid no UK windfall tax. It intended to pay the fee next year.

BP will increase its dividend by 10% and buy back $2.5bn in shares while paying windfall tax.

BP’s quarterly profit was more than projected but fell due to a drop in oil prices.

Energy corporations made large gains after Russia invaded Ukraine in late February, when Covid restrictions lifted and oil and gas prices rose.

On Monday, US President Joe Biden warned “war profiteering” oil companies that they would face higher taxes if they didn’t raise production.

Higher energy prices have raised gas and electricity bills for individuals and companies.

The Energy Price Guarantee scheme will cease in April instead of two years, reducing the impact.

When subsidies is cut, household gas and electric expenses might exceed £4,300.

Energy prices have driven inflation, which is 10.1%.

BP’s global profits rose to $22.8bn from $8.7bn in 2021’s first nine months.

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