Simon Francis, coordinator of the End Fuel Poverty Coalition, said: “As oil prices surge, the energy industry’s profit machine is running at full speed.
“BP has just reported underlying profits of £2.4 billion in the first quarter of 2026 alone, more than double the same period last year, while TotalEnergies has posted £4 billion in adjusted net income for the same three months.
“The energy industry is waiting for even more gains to come, as rising oil and gas prices feed through into second-quarter earnings.
“What makes this worse is that gas prices, which had shown some signs of easing in recent weeks, are now climbing sharply again.
“UK gas futures are now 52 per cent higher than this time last year, pushing up the wholesale prices that feed directly into household energy bills.
“This is not a temporary blip, it is the fossil fuel price rollercoaster in full motion, and millions of households will feel it in their bills.
“The case for using Windfall Tax revenues to help provide emergency support for the households least able to absorb these costs has never been stronger, alongside faster action on electricity pricing reform to break the grip of gas markets on the bills of every family in the country.”
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