Despite this oil giants Shell and BP have both reportedly shattered first-quarter profit forecasts today.
Meanwhile motorists continue to suffer at the pumps and the price of fuel is likely to continue to soar throughout 2008.
It is understood that Royal Dutch Shell has announced a 12% increase in current cost of supply (CCS) net income to $7.85 billion (3.96 billion pounds) while BP was up 48 percent to $6.59 billion.
Fuel experts are now predicting that petrol will hit £1.50 a litre by September, or £6.82 a gallon.
On top of this the Government – which many are blaming for not using tax to rein in prices – is to add a controversial 2p tax hike in October.
Drivers are already paying much more than average, with some petrol stations charging £1.20 a litre.
Sarah Teacher, the Liberal Democrats’ business spokeswoman said: ‘Oil companies should not be profiteering while so many are struggling to make ends meet.
‘Consumers are already facing huge price hikes in food and utility bills.’