The record profits have been described as ‘outrageous’ (Picture: Shutterstock / Peter_Fleming)

Shell profits increased by 53% to £68.1 billion in 2022 due to soaring oil prices, the energy giant has announced.

It comes as millions of households struggle to afford rising energy bills.

Liberal Democrat leader Sir Ed Davey said: ‘No company should be making these kind of outrageous profits out of Putin’s illegal invasion of Ukraine.

‘Rishi Sunak was warned as chancellor and now as Prime Minister that we need a proper windfall tax on companies like Shell and he has failed to take action.

‘Families across the country are struggling to heat their homes and feed their families and this Government turns round and says “there is nothing we can do”.

‘They must tax the oil and gas companies properly and at the very least ensure that energy bills don’t rise yet again in April.’

Campaign group Global Witness say Shell’s profits would be enough to pay the average annual energy bills for 13.2 million UK households.

The group’s Jonathan Noronha-Gant said: ‘People have every right to be outraged at the enormous profits that Shell has made in the midst of an energy affordability crisis that has pushed millions of families into poverty. 

Lib Dem leader Ed Davy says Rishi Sunak must tax oil and gas companies ‘properly’ (Picture: Justin Tallis/Getty/AFP)

‘For those facing exorbitant energy bills, and for all of our nurses, firefighters and teachers on the picket line this week, Shell’s profits are an insult. Shell is richer because we’re poorer.

‘So we have to ask ourselves – whose side is our government on? Are they on the side of those of us living in cold, draughty homes, or are they on the side of an industry that is riding the wave of the energy crisis in Europe and the war in Ukraine, and is wrecking the planet in the process? All in the name of enriching its shareholders.’

Meanwhile, Shell’s chief executive Wael Sawan said: ‘Our results in Q4 and across the full year demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.

‘We believe that Shell is well positioned to be the trusted partner through the energy transition.

Shell say the news reflects their ability to perform in a ‘volatile’ world (Picture: Ben Stansall/AFP/Getty)

‘As we continue to put our Powering Progress strategy into action, we will build on our core strengths, further simplify the organisation and focus on performance.

‘We intend to remain disciplined while delivering compelling shareholder returns, as demonstrated by the 15% dividend increase and the four-billion-dollar share buyback programme announced today.’

Got a story? Get in touch with our news team by emailing us at [email protected]. Or you can submit your videos and pictures here.

For more stories like this, check our news page.

Follow Metro.co.uk on Twitter and Facebook for the latest news updates. You can now also get Metro.co.uk articles sent straight to your device. Sign up for our daily push alerts here.

‘Shell is richer because we’re poorer.’