Chancellor Rachel Reeves has been accused of "cashing in" on the current petrol and diesel price crisis as the Liberal Democrats table a motion to slash fuel duty rates.
The Labour Government has been slammed by opposition parties for the soaring cost of petrol and diesel as the conflict in the Middle East rages on.
Iran's closure of the Strait of Hormuz has contributed to sky-high fuel prices, with drivers paying an average of 158.16p for petrol and a staggering 191.31p per litre for diesel.
The Lib Dems will table a motion today to cut fuel duty to help motorists at the pumps as Parliament returns from the Easter recess.
The motion will call for an immediate 10p cut to fuel duty to help drivers, as new analysis shows that the Treasury is set to rake in almost £500million in extra tax revenue over the coming weeks.
In response, the Lib Dems are demanding that the Chancellor use revenue raised from the Energy Profits Levy to cut fuel duty or "face a reckoning at the ballot box from voters on May 7".
Daisy Cooper, Treasury spokesperson for the Lib Dems, said: "Soaring prices at the pump are hitting people in the pocket at a time when many were already struggling.
"It is deeply unfair that the Treasury is cashing in millions of pounds in extra tax revenue while families feel the pinch and small businesses are driven to the wall."
Chancellor Rachel Reeves has been accused of 'cashing in' on expensive fuel prices
|PA
The Lib Dems estimate that a 10p cut to the rate of fuel duty would save the average driver 12p per litre at the pump when VAT is included.
At a time when petrol and diesel prices continue to rise, especially against President Donald Trump's threats against Iran, any changes would help motorists save £6.60 on a standard 55-litre tank.
The party has also called on the Government to introduce new transport measures, including a £1 cap on bus fares and a 10 per cent cut to rail fares.
The draft motion highlights how Government revenue from taxes on fossil fuels is "significantly higher" than expected as a result of the war in Iran.
LATEST DEVELOPMENTS
Petrol and diesel prices have soared to their highest rates in more than three years | GETTYAlthough the price of Brent crude oil dipped below $100 (£74) last week, it has since risen to around $102 (£76) as tensions between the US and Iran escalate.
Experts have cautioned that petrol and diesel prices could approach their highest-ever levels, which were seen in the summer of 2022 following the Russian invasion of Ukraine.
In response, the Government cut fuel duty by 5p per litre, which is expected to be reversed by Labour between September and March next year.
GB News has rounded up the most expensive petrol and diesel prices across the UK over the weekend, using data from the Government's Fuel Finder tool.
Petrol and diesel prices peaked at almost £2 across the UK in the aftermath of the Russian invasion of Ukraine four years ago | PAMost expensive petrol prices
Chatham Road Service Station, Maidstone, Kent (ME14 2ND) - 196.9p
Asda Strensham Express Petrol, Strensham, Worcestershire (WR8 0BZ) - 184.9p
Asda Tamworth Express Petrol, Tamworth, Staffordshire (B77 5PS) - 184.9p
Stafford Connect Mwsa, Stone, Staffordshire (ST15 0EU) - 184.9p
Asda Markham Vale Express Petrol, Long Duckmanton, Derbyshire (S44 5HB) - 184.9p
Most expensive diesel prices
Stoke Row Garage, Henley-on-thames, Oxfordshire (RG9 5QL) - 230p
KP Hill Service Station, Blackley, Greater Manchester (M9 8WQ) - 229.9p
Station Garage Kielder, Hexham, Northumberland (NE48 1EG) - 214.5p
Lochaline Filling Station, Morvern, Highlands (PA80 5AD) - 212p
Redfield Filling Station, Rothesay, Isle of Bute (PA20 0DJ) - 209.9