The AA is also warning that an increase of around 4% in UK pump prices over the past couple of months risks putting road fuel costs back on the path that led to six weeks of record fuel prices earlier this year.

Average diesel prices have risen by 5.18p per litre, from 137.26p in mid-July to 142.44p now. Petrol is up 5.87p per litre, averaging 138.05p now compared to 132.18p in mid-July.

Meanwhile, the cost of diesel has risen by 43% and the price of petrol by 38% over the past five years.

Fuel prices moved into record territory at the end of February, surging past 2011 records for diesel of 143.04p per litre and 137.43p for petrol, before peaking at all-time highs in April with diesel at 147.93p and petrol at 142.48p.

In June, Chancellor George Osborne announced he was postponing a 3ppl rise in fuel duty, planned for August, until January 2013. The results of the OFT report are due days after that planned price increase.

Estimates for HM Revenue and Customs, suggests that a 1% rise in the main rates of fuel duty on petrol and diesel raises an additional £260 million in tax.

Therefore, a 1p rise in duty – currently 1.7% – would raise £450m, equivalent to an increase in the basic rate of income tax of about 0.1p, while a 3ppl price hike will give the Treasury more than £1 billion.

De Kock concluded: “In my opinion, the OFT review is too little, too late and not focusing on the bigger picture.”

Diesel pump prices and share of tax

France: 116.78 (pump price) – 55.12 (tax share)

Germany: 115.3 (pump price) – 53.49 (tax share)

Netherlands: 116.78 (pump price) – 54.72 (tax share)

Spain: 107.30 (pump price) – 44.63 (tax share)

United Kingdom: 140.40 (pump price) – 81.43 (tax share)