Fuel for thought

The scale of their profits means that the supermarkets can absorb this price reduction, even more so given their ability to buy fuel in bulk and take advantage of wholesale prices falling recently on the global money markets. This is more challenging for those independent retailers whose profit margins are already tight.

Yet, while the political and economic uncertainty in the Middle East does have an impact on global prices, the biggest reason for prices soaring at the pumps is the extent to which the benevolence of motorists has been used and abused by successive governments.

Though the Chancellor has not implemented many of the duty increases set out by his Labour predecessor, perhaps the Government needs to consider whether further reductions are now required to kickstart the wider economy.