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£5bn for Shell as fuel goes sky high

By STEVE HAWKES Business Editor

SHELL revealed profits of £37,347 a MINUTE yesterday – as petrol prices soared back to within a PENNY of record levels.

The oil giant raked in an incredible £4.9billion from April to June – up 77 per cent on last year.

Chief executive Peter Voser insisted the petrol price rise was down to sky-high oil prices.

He said Shell made “virtually nothing” on the forecourt – and told motorists to take their complaints to the Government.

Mr Voser said: “We are very competitive on the forecourt. And remember, 60 to 70 per cent of the price people pay at the pump is tax. The vast majority of our profits come outside the UK – in 89 to 90 other countries.”

But the AA last night said motorists would be furious as petrol prices neared all-time highs.

Unleaded is averaging 136.40p per litre – against the record of 137.43p on May 9. Diesel is trading at 140.73p per litre.

An AA spokesman said: “In a worst case scenario we could be at record levels in a fortnight.”

The motoring organisation added that figures showed typical one-car households made 4.3 per cent fewer trips last year than in 2008. And annual mileage was down by 120 miles to 6,251.

AA chiefs believe motorists are already spending £12million a day more than last year to fill up.

Shell’s mega profits for the second quarter leave it on track to smash the all-time high annual profits by a UK firm – the £19billion it set in 2008.

Mr Voser said billions were being re-invested into finding new oil and gas.

But he warned oil prices will only go up.

He added: “It’s the end of low-cost oil and gas. We are going into a new world where it’s going to need more money and investment to find more oil and gas. It will mean energy prices increase.”


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