Chancellor Rachel Reeves has faced demands to cut the rate of fuel duty immediately to protect petrol and diesel drivers from high costs at pumps across the UK.
New research has shown that 36.4 per cent of sole traders, including plumbers and electricians, have said that current pump prices could drive their businesses to "the brink of collapse".
Motorists are currently paying 152p per litre for petrol, the highest in 28 months, while drivers are charged an average of 181.2p for diesel - the most expensive rate since December 2022.
Since the outbreak of war in Iran, forecourts have massively increased prices, costing the average person with a 55-litre car £10.55 more for petrol and a staggering £21.35 for diesel.
TRENDING
Stories
Videos
Your Say
In just over a month, petrol has jumped 19p per litre, while almost 39p has been added to the price of diesel, marking an increase of 27.3 per cent.
Experts are now calling for the Chancellor to take action to protect motorists at the pump, with support growing for a cut to the rate of fuel duty.
While Labour has confirmed that it will extend the 5p per litre cut to fuel duty until September, it will begin to roll these measures back over the next year.
The 5p cut was launched by the previous Conservative Government in response to the Russian invasion of Ukraine in 2022, and has been extended every year since.
Campaigners and drivers have called on the Chancellor to slash the rate of fuel duty to reduce petrol and diesel costs
|PA
In the most recent Autumn Budget, Rachel Reeves said the fuel duty cut would be reversed in three stages, with a 1p reduction in September, 2p in December and 2p in March 2027.
Howard Cox, founder of FairFuelUK, emphasised that a poll showed 95.4 per cent of respondents called for fuel duty to be cut immediately to lower fuel prices.
He also called for the Government to ensure pump pricing remains "fair, honest and transparent", suggesting that a "PumpWatch" regulatory body could be created.
The campaigner added: "The Chancellor and any sensible economist in the Treasury must promise to keep fuel duty frozen for the duration of this Parliament.
LATEST DEVELOPMENTS
Petrol and diesel prices have soared to their highest rates in more than two years
| GETTY"However, even more beneficial to the economy and small businesses, she must cut fuel duty now, and remove the immorally levied VAT on fuel duty."
The RAC has warned that eight in 10 motorists depend on their cars and that the financial burden of fuel prices is growing at a "particularly rapid rate" for diesel owners.
The price of oil continues to take a toll, with a barrel soaring above $115 (£85) earlier today, ensuring that forecourts cannot lower prices across the UK.
Experts have warned that these prices could continue to climb in the coming days and weeks, especially as tensions in the Middle East show no signs of easing.
Oil prices have surged once again to above $115 (£87) | OILPRICE.COMThe Prime Minister's spokesperson said the Government would "plan for all eventualities" when pressed on the potential for fuel shortages.
They added: "To be very clear, as the PM has said and as the Government have said, and indeed industry have said, fuel production and imports are continuing.
“The UK benefits from diverse and resilient supply. Petrol stations in the UK are well-stocked nationally and any suggestion otherwise is incorrect."