MPs to debate 40 percent fuel price cut next week amid cost of living crisis

She added: “My view is that lower taxes are the best way to attract more investment – to get the businesses into this country that can create these high-paid jobs, which is what we need to face down these global headwinds.”

Challenged over the recent admission by BP’s boss Bernard Looney that a windfall tax would not halt its investment plans, she said: “Well then he can do more if he’s got more profits that have been raised during this period.”

The average pump price for petrol in the UK reached 167.64p a litre this week, the RAC said, surpassing the previous record of 167.30p set on 22 March.

Diesel prices rose to an average of 180.90p a litre at the end of Tuesday, passing the previous peak of 180.29p reached on Monday.

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