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Royal Dutch Shell and BP, Europe's two biggest oil companies,
Tuesday reported massive increases in profits during the first
three months of this year, reaching a combined Pnds 7.2 billion
(Dlrs 14.4 bn).
The increases by the UK's top oil companies were higher than
expected and are expected to reignite calls for a windfall tax
on their excessive profits.
BP's pre-tax profits rose 48 per cent in the first quarter to
Pnds 3.3 bn, while Shell increased its profits 12 per cent
to a record Pnds 3.9 bn.
The results come on the back of the soaring price of oil
and petrol prices rising at their highest rate in three year,
with unleaded petrol reaching a record average of almost
Pnds 1.10 per litre.
BP reported that its operations in the North Sea saw a
large increase in profitability in the first quarter because
of the high price of oil and despite declining UK production.
Shell's chief executive Jeroen van der Veer, said that good
operating performance, combined with increased oil and
gas prices, "offset the impact of downstream conditions
in the first quarter."
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