ENERGY giant BP continues to make “obscene” profits while households are “counting every penny,” campaigners said today.

The company revealed slightly lower than expected profits of $2.7 billion (£2.2bn) in the first quarter of this year, down from $4.9bn (£3.9bn) last year.

The forecast had been almost $2.9bn (£2.3bn) for the period.

Lower oil and gas prices, the impact of a power cut at its Whiting refinery and weaker fuel margins were blamed for the difference.

However, the company said that this had been partly offset by reduced levels of turnaround activity and stronger oil trading.

Warm This Winter spokeswoman Fiona Waters said: “It’s just obscene BP is raking in billions whilst pensioners, families and workers are counting each and every penny

“As the recent elections prove, the cost-of-living crisis is the real issue for voters, who are still paying 60 per cent more for their electric and gas bills than they did three years ago and who believe the UK energy system is broken.

“They are crying out for a government that puts ordinary people’s interests before energy industry profits by investing in permanent solutions, including home insulation and homegrown renewable energy. 

“They understand increasingly that’s the way to reduce our dependence on expensive oil and gas, protect us from price shocks and lower bills for good.

“Any government or prospective government needs to take that message firmly on board if they want a chance of winning at the ballot box.”

Global Witness head of fossil fuel campaigns Alice Harrison said BP was “making the rich richer,” adding: “And this will continue to be the case until we make the urgent switch to a clean energy system.”

BP said on Monday that it would press on with further cost-cutting, seeking to save $2bn (£1.6bn) by 2026 compared with the 2023 figure.

Bosses at the company said it would look to digital and supply chain improvements to find savings.

The company also promised more payouts to shareholders despite the fall in profits, announcing a new $1.75bn (£1.4bn) share buyback.

The BP profits announcement comes a week after rival Shell reported better than expected earnings in the first quarter of the year.