BP profits hard to stomach: Finlay

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Ballymoney DUP Councillor, John Finlay, has hit out at the extent of British Petroleum’s (BP) profits given the significant rise in the price of oil since January 2011.

Cllr Finlay said: “I do not begrudge any business doing well and BP is a multi-national company, however many people will find the news that their profits have hit $5.3 billion in the first quarter very hard to stomach. The price of oil has soared since January this year putting household budgets under significant pressure. Increases in VAT imposed by the Tory-led government have compounded this situation.

The much-vaunted 1p reduction in tax on the price of a litre of fuel has done little to help hard-pressed families. Instead of tinkering around the edges, the government should make good their pre-election pledge to introduce a Fuel Duty Stabiliser, which would reduce the level of duty paid on fuel as the price of crude oil rises.

Through such a mechanism hard-pressed families would not be left exposed to massive upward fluctuation in the price of oil. This would especially help people in rural constituencies like mine for whom the private car is a life necessity.

Consumers will be aware that the price of fuel varies greatly across the Province from garage to garage. I would encourage drivers to shop around for the best deal in order to ensure value for money.”