Shell makes £440 a second

Petrol giant Shell has today unveiled the largest profits ever recorded by a British company – a staggering £13.9 billion.

The figures, released as prices at the pumps reach an all-time high, show that the oil producer is making £1.5 million an hour, or £440 a second.

They led to demands for a windfall tax to be levied on excessive profits – and for some of Shell's profits to be used to bring down the prices on the forecourts.

Parent firm Royal Dutch Shell's profits haul for 2007 was nine per cent higher than a year ago and comes after the price of crude oil rose towards $100 a barrel.

Shell fuel in the West Midlands was today typically 102.9 a litre for petrol and 107.9 a litre for diesel, although the Shell garage at the A5 Longford Road in Cannock was 104.9p and 108.9p respectively.

The rising fuel costs come on top of higher than inflation rises in council tax, mortgages, gas and electricity, together with rising food prices due to extra transport costs.

Road Haulage Association spokeswoman Kate Gibbs said: "Everyone that works, works to make a profit, but the profits announced today are above and beyond. A lot of hauliers are operating at a loss."

The AA urged the Government to scrap a planned 2p hike in petrol prices earmarked for April's tax plans.

Union Unite described the profits as "obscene" and called for a windfall tax to be brought in.

Shell chief executive Jeroen van der Veer said today's profits haul mainly came from upstream oil exploration and production – and not from the forecourt.

Oil firms argue they make very little money from forecourt operations, adding that they already pay high levels of tax to the Treasury.