Oil firms Shell and BP have announced combined first-quarter profits of over 7bn. Shell made a profit of £3.9bn and rival BP made a staggering £3.31bn in the first three months of the year. The quarterly profits come amidst global concern over the price of petrol.
In the UK the average price is now 109.8p a litre for petrol, which is equivalent to nearly £5 a gallon (4.55 litres) according to the AA. In the US, where fuel taxes are much lower the average price is $3.60 (£1.80) for an American gallon (3.79 litres).