Prices for the week ending 5th May reached 80.11 ppl. The price today (Wednesday 10th May) has fallen back to 77.16ppl but the high degree of volatility in the market suggests that prices will breach 80p again in the near future.

FTA Chief Economist Simon Chapman says, "The rise above 80p per litre means that the transport industry is now paying the highest ever prices for its fuel. Once again we call on Chancellor Brown to help the industry with forward planning by telling us that in addition to the high price of diesel itself, we will not have to bear increased duty from the Government after 1 September."

Since the beginning of January bulk prices have risen by 5.1 ppl (7 per cent). This time last year the price of bulk diesel was 72.4ppl and prices have therefore increased by 11 per cent in the last twelve months.

If bulk diesel prices are 80.1 ppl, the annual fuel cost of a 40 tonne articulated lorry (70,000 miles a year at 8mpg) is £33,453. If the duty on a litre of diesel goes up by 1.25ppl from 47ppl to 48.35ppl (as is presently scheduled from 1 September), the annual fuel cost for a 40 tonne artic would increase by a further £500.

Fuel represents 32 per cent of the total operating costs of running a 40 tonne artic and driver costs represent 28 per cent of total lorry operating costs. Fuel duty in the UK is 47p per litre, compared with an average for the rest of Europe of just 22p per litre.