London - Oil giants Shell and British Petroleum (BP) Tuesday posted record first quarter profits, boosted by the surge in oil prices, amid signs of growing concern among consumers over rising fuel prices. Anglo-Dutch Royal Dutch Shell Shell reported record profits of 3.9 billion pounds (7.8 billion dollars), while rival BP saw profits rise by 48 per cent to 3.31 billion pounds.
The figures came after Shell reported annual profits of 13.9 billion pounds in January, the highest-ever recorded by a company listed in Britain.
Shares in both companies rose by more than 5 per cent on the stock market Tuesday.
Prime Minister Gordon Brown, commenting on the results, said he hoped the profits would be invested in getting more oil from exploration in the North Sea.
"We do need the oil coming out of the North Sea, we do need to encourage the new exploration," said Brown in a television interview.
"That is more expensive to do. That is why I hope that these profits are going to be invested in getting more oil out of the North Sea."
Brown said he was "very worried" about the effect of rising food and fuel prices, combined with the fall-out from the so-called credit crunch, on households.
The government had frozen fuel duty and was urging OPEC producers to "get the price of oil down," Brown said in comments that were clearly aimed at soothing angry consumers.
Meanwhile, several hundred hauliers took their protest against rising diesel prices to London Tuesday in the first such action since nationwide protests in 2001.
They warned that Brown would soon be "out of office" if he did not act to curb the "ridiculous" costs of fuel for consumers and small- scale haulage firms.
"All we are trying to do is earn a living. Fuel prices are absolutely ridiculous. It's going to finish us in a few weeks the way things are going," said Huw Thomas, who runs a timber haulage company.
Shell chief executive Jeroen van der Veer said Tuesday that the company's "good operating performance" would lay the foundation for further growth.
Meanwhile, BP's figures came after a year of turmoil for the firm, which announced a fall in 2007's annual profits in February.
Britons currently pay around 108 pence for a litre of petrol, of which about 33 pence goes to the oil company, 9 pence to the retailer and 50 pence to the government in fuel duty.
"Oil prices are high because of the weak dollar and because reserves are under pressure, there is a slim spare capacity margin - Opec does not have a great deal more oil to pump," oil analyst Simon Wardell said.
He warned that oil firms should not just sit back but invest their profits.
"Oil firms have to think about the long-term investment, and what prices might be in the future," he said.
