Carried out in conjunction with YouGov, the ALD Automotive survey reveals that 53% of finance directors surveyed said that  they were more concerned about the impact of the rising price of fuel on their business than the recent VAT rate rise.

More worryingly, one in 10 financial directors said that they would expect their businesses to make redundancies if fuel hit £1.70 a litre.

Data from the AA Fuel Price report shows that between December 2010 and February 2011, unleaded prices in the UK rose by 6.7ppl (pence per litre) from 122.1ppl to 128.8ppl. Diesel prices for the same period have also risen, by 11ppl, from 123.00ppl to 134.0ppl. The price difference between unleaded and diesel has risen to 5.2ppl. The UK now has the eighth highest unleaded price in Europe and the second highest diesel price.

Yet although fleets cannot control fuel prices, they can control the amount of impact that rising fuel prices have on their fleet, according to Keith Allen, managing director of ALD Automotive: 'As our research shows, the increasing cost of fuel is a big worry for UK businesses. At ALD, we work with companies by having them outsource the management of their company vehicles and can recommend strategies to help them reduce their fuel bill. A change in a business's fleet policy, or the implementation of telematics can have a significant impact on fuel consumption and a business's bottom-line.'

He concluded: 'Finance directors may not be able to influence petrol or diesel prices, but through the careful selection of company cars, driver education policies and telematics, fuel bills can be effectively managed while leaving alternative technologies in the showroom.'