Urgent calls for petrol and diesel price cap to be introduced to protect drivers from rising costs

Prices have fluctuated massively in recent years with global factors playing a major role including Russia’s invasion of Ukraine, movement from OPEC and soaring oil costs.

Britons saw a peak in costs in late June and early July last year when the average litre of petrol cost £1.90 and diesel drivers paid almost £2.

WATCH NOW: Drivers react to expensive petrol and diesel prices

While some forecourts were offering lower prices to help drivers during the cost of living crisis, a handful of fuel stations were charging as much as £2.50.

Drivers are encouraged to visit supermarket forecourts to get cheaper fuel, with savings of almost 4p per litre for petrol and three pence for diesel.

However, while there are clear savings on offer for drivers, supermarkets have been under fire for not cutting prices quickly enough.

The RAC has recently accused retailers of failing to pass on savings from the five pence cut on fuel duty, with drivers losing out on £184million a month.

Many have also taken aim at oil companies for recording record profits despite motorists being forced to pay high prices while the cost of motoring also continues to rise.

Because of this, experts are calling on the Government to act and introduce a new fuel price cap to ensure drivers are not ripped off by retailers.

A spokesperson for Road Angel said: “What’s happening every day at petrol station forecourts across the UK amounts to highway robbery. In fact it’s far worse than that - at least Dick Turpin wore a mask.

“The profits which companies such as BP are enjoying are nothing less than obscene and we are calling on the Government to take urgent action to address the issue.

“We want to see a cap on the level of profits these companies are allowed to make with anything above that being returned to the Exchequer to be spent on roads and infrastructure.

“We would also like to see some a cap on the price of petrol and diesel which would allow motorists to retain more of their hard-earned cash.”

The Government will need to address some issues in relation to petrol and diesel prices, namely whether to extend the fuel duty cut, expand it or scrap it altogether.

As Chancellor, Rishi Sunak cut the rate of fuel duty by 5p per litre to help drivers struggling with soaring costs during the Spring Statement.

Earlier this year, Jeremy Hunt extended the fuel duty cut for a further 12 months, with the cut running out in March, with many looking at the Government to announce further changes.

There had been some reports that the Government would increase the rate of fuel duty by around 23 per cent after being frozen since 2011.

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The Office for Budget Responsibility warned that the Government would need to increase the rate of fuel duty to free up around £5.7billion in additional cash for its coffers.