BP says hard to cut fuel prices for motorists despite surging profits

BP chief executive Bernard Looney has said it would be hard to cut fuel prices for UK motorists any faster after the government's windfall tax, despite the oil major reporting its highest quarterly profit in 14 years. The UK government introduced a levy on the profits of North Sea oil and gas producers in May, as it faced mounting pressure to address rising energy bills for consumers. Former chancellor Rishi Sunak introduced the energy profits levy, but foreign secretary Liz Truss, his rival to become the next UK prime minister, has rejected the idea of increasing its scale or scope. Motoring group RAC said petrol prices had begun to fall from a record of £1.92 a litre at the start of July, but were still not dropping fast enough and called on the government to deliver a further 10p per litre cut in fuel duty. BP said its quarterly profits were driven by "Strong" refining margins and "Continuing exceptional oil trading performance".

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