Shell has announced annual profits of £32.2bn ($39.9) doubling from a year earlier and far exceeding the previous record of £25bn ($31bn) in 2008.

The London-listed company also posted record fourth-quarter earnings of £7.9bn ($9.8bn).

Shell 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.”

It follows a year when consumers grappled with spiralling energy costs which has fed into persistent double-digit inflation.

The average cost of a litre of unleaded was at a record high of 191.5p in July.

In October, it reported operating profits of $9.5bn (£8.19bn) for the third quarter, lower than that of the three months before but still more than double the same period in 2021.

A record $11.5bn (£9.4bn) profit was announced for the second quarter, more than double the 2021 figure of $5.5bn (£4.5bn).

The first quarter also saw a record operating profit of $9.1bn (£7.2bn).