In today’s budget speech Chancellor George Osborne announced that fuel duty will increase by just over 3 pence per litre this summer.

In mitigation the chancellor said fuel duty would not rise faster than inflation, unless oil prices were to fall below £45 a barrel, well below crude oil's current market price of about $125 (£79) a barrel. However his remarks are likely to be cold comfort to UK businesses and motorists who already pay some of the highest prices in Europe for petrol and diesel.