Fat-cat BP chief to rake in £11.4million this year as customers face soaring gas and petrol costs
FAT-CAT BP chief Bernard Looney will rake in £11.4million this year — as punters face soaring gas and petrol costs.
The boss could land a £3.1million bonus and £6.94million in shares on top of his salary which is set to rise 4.35 per cent to £1.39million, results will show this week.
BP itself is expected to reveal it plans to return £2billion to investors by buying back shares after raking it in since Russia invaded Ukraine, pushing up oil and gas prices.
City analysts predict bosses will reveal the giant has made £5.6billion in underlying profits in the last three months.
It come as households face £4,000-a-year energy bills from January while having to spend £100 to fill up a family car.
BP, described as a “cash machine” by chief executive Looney, owns 1,200 UK petrol stations, second only to Esso.
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Its profits from refining crude oil into diesel and petrol have more than tripled in the past year.
While BP does not supply gas to homes it makes big bucks supplying firms which do.
Howard Cox, founder of FairFuelUK, said: “The disgust, from people who are struggling to pay to heat homes and fill up cars, towards the big oil corporation bosses cannot be over exaggerated.
“These stinking rich executives simply have no moral integrity.”
He said Looney and other oil chiefs were guilty of “pure avarice on an industrial scale” on the back of Russia’s invasion of Ukraine.
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He added: “It sickens me to my core.”
The AA, meanwhile, called on BP to cut fuel costs to stop young drivers and families taking on debt or turning to relatives for help paying higher fuel bills.
BP was approached for comment.