The move comes as George Osborne once more exhorts oil companies and retailers to pass on the full benefit of reducing crude oil prices to motorists and businesses.

The wholesale cost of petrol has fallen by 7.4ppl since 1 December, but the average UK pump price for petrol as headlined by Experian Catalist, has dropped by 10.2ppl over the same time period. Compared to previous analogies of petrol prices going up like a rocket and falling like a feather when oil prices change, the PRA said this is more akin to “rocket and stone” pricing. 

Chairman Brian Madderson said: ‘With some petrol prices already at 105ppl, consumers should be told that the Government tax take is now over 70% of the pump price. 

‘Contrary to expert’s predictions of trend reductions in road fuel volumes due to factors such as dieselisation, more efficient engines and hybrid/electric vehicle development, last year fuel volumes showed a year-on-year increase of 1.5% – the first increase since 2008. 

‘This extra volume will produce an estimated windfall tax (excise duty at 57.95ppl) of more than £400m for 2014 – even more reason for the Chancellor to take immediate action and cut fuel duty by at least 2ppl, and ensure there are benefits to both the consumers and the economy.’