BP profits hit eight-year high thanks to soaring gas and oil prices

Company follows Shell in benefiting from energy crisis, which will prompt calls for windfall tax

BP's annual profits reached an eight-year high of $12.8bn (9.45bn)in 2021 as it benefited from a surge in energy prices, prompting renewed calls for a windfall tax on fossil fuel companies to relieve the financial pressure on households facing a sharp rise in bills.

The bumper annual results were aided by a $4.1bn profit in the final quarter of 2021 as global gas demand recovered and oil prices rallied to seven-year highs. The annual profits compared with a $5.7bn loss in 2020, when the Covid-19 pandemic reduced demand for energy.