Oil giant BP, which has a terminal at Hamble, said today that it had benefited from higher oil prices as it reported quarterly profits of £3.2 billion.

The British firm made a loss of £10.3 million in the same period a year ago - but this was in the aftermath of the Gulf of Mexico oil spill disaster.

The group said production was 11% lower in the period following suspension of drilling in the Gulf of Mexico and £15.3 billion worth of asset sales.

But this was offset by higher oil prices, driven up in the period by political unrest in the Middle East and North Africa, as well as higher refining margins - the difference between the value of crude oil and the products it is used for.

The Gulf of Mexico clean-up continued in the quarter - £4.1 billion now paid out in claims and in government payments to fund economic and environmental restoration.

Oil prices began to climb early this year as political turmoil spread from Tunisia through Egypt and on to Libya. Supplies were constricted by civil war in Libya, which pushed prices even higher.

The company also said it was benefiting from improved refining margins - up to 13% from 11%.

The improved margins come as the cost of petrol at the pumps hit 135.6 pence per litre in June, according to the Office for National Statistics.