BP’s Castrol saw profit recover in the first three months of the year from the fourth quarter on the back of higher sales volumes and lower feedstock costs.

Other blenders saw a similar improvement in profit that began to reflect price increases that they had implemented the previous year.

Group II base oils prices fell by more than 15pc in Europe and more than 5pc in Asia in the first three months of the year from the fourth quarter of last year.

Castrol’s underlying replacement cost profit of $161mn in the first three months of the year recovered from $70mn during the fourth quarter of last year.

The profit was still down 37pc from $256mn in the first quarter of 2022.