Petrol prices should be five pence lower insist the motoring organisation the RAC, who say many motorists have yet to see the sign of the 5 p cut in duty imposed last year by the government. That cut was directly linked to the wholesale prices climbing steeply due to the war in Ukraine.

But since then prices on the oil markets have fallen by around $20 a barrel.

The RAC said the big four supermarkets were making the most profits from petrol - an average of 16p for every litre of unleaded fuel sold in October, and 12p for every litre of diesel.

But any cut in prices might be short lived with concern that if the Israel-Hamas spreads to the rest of the region oil prices could reach $150 a barrlel.

That warning came from the World Bank which said oil supply disruption would be comparable to that caused initially by the Arab oil disruption of 1973, which led to a loss of nearly 7.5% of global oil supplies at the time.

Brent Crude is currently (November 1) $86.53 a barrel.