OIL giant BP raked in a profit of $13.8 billion (£11bn) last year as the company continued to prosper on the back of struggling households.

The company revealed that its underlying replacement-cost profits had halved in 2023, but it still performed better than expected.

Warm This Winter spokeswoman Fiona Waters said that while the figures were less than the record numbers reported in 2022, BP was “still making billions while people’s energy bills continue at unaffordable levels and more and more people are being pushed into poverty.