BP's profits rise 135 per cent

OIL giant BP today said profits hit £3.6bn in the first three months of 2010 - more than double the level last year.

The 135 per cent profits rise comes after the price of crude oil was pushed higher by recovery hopes for the global economy and due to market speculation.

While good news for the profits of the oil majors, the surge in crude and the weaker pound have hit motorists, with average petrol prices now at record highs.