The SDLP Leader of the Opposition, Matthew O'Toole MLA, said ministers must explain how they intend to respond to the escalating impact of rising fuel prices on households and businesses.

According to the Consumer Council, the average price of diesel has climbed to 193.3p per litre — the highest level since the conflict with Iran began — while petrol has reached 167.2p per litre. The cost of home heating oil is also hovering near record highs.

Matthew O'Toole MLA said: "Nearly £2 for a litre of diesel is an extraordinary price and it will be felt particularly sharply here. We are more dependent on diesel vehicles than other parts of these islands and many people, particularly in rural communities, simply cannot choose to leave the car at home. "Stormont cannot control the global oil price and fuel duty is not devolved, so Ministers need to be clear about where they can make a difference. They should be pressing the Treasury on the case for intervention while working out what can be done here if prices remain at these levels.

"The impact will reach well beyond filling stations. Hauliers, taxi drivers, tradespeople, farmers and small businesses will see their costs rise, and many will have little room to absorb them. That eventually finds its way into the price of goods and services, putting another squeeze on household budgets.

"This is also why the failure to agree a Budget is so stark. New pressures do not wait patiently for Stormont to sort itself out. Government needs to be able to respond when circumstances change and decide where its resources are most needed. Six months into the financial year, the Executive still has not agreed the basic financial plan it needs to do that properly.

"Nobody expects the Executive to solve an international energy crisis. We can expect it to have a response. Ministers should be assessing now who is being hit hardest, what help can realistically be provided here and what more they need from Westminster if prices stay this high."