BP's profits soar while home heating oil customers struggle

BP's profits soar while home heating oil customers struggle

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28 Oct 2008

While home heating oil customers had to deal with rising bills in recent months, fuel giant BP has reported a 148 per cent profit rise as a result of global oil prices.

Record prices in July, which saw the cost of oil reach $147 (£95) per barrel, have led to BP profits of $10 billion.

BP chief executive Tony Hayward said: "Although it has since fallen away sharply, the high oil price of the third quarter obviously helped our absolute result."
However, Gordon Brown's threat to producers that he will call in the Office of Fair Trading if consumers do not benefit may ease the worries of domestic heating oil customers this winter.
Meanwhile, the Energy Saving Trust and Anglican Home Improvements have released an energy-efficiency guide to help homeowners reduce their heating oil costs themselves.

The guide includes advice on carrying out regular oil boiler servicing, installing insulation and double glazing.

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