Tory revolt

He said: "It's affecting many people and the price of fuel is very high at the moment.

"It's a gatekeeper thing for the economy at the moment.

"It's affecting many businesses, it's affecting haulage.

"I do know that retailers are very concerned about how this is going to affect them.

"There's a side issue as well. There is a minority of businesses that are buying wholesale who might not be going through the retail process, which the Treasury might have to look into in the island areas, because we want to make sure they too are getting the benefit of this."

He added: "There was a six-month delay at the beginning, and I just wish that it was in place now."

The comments come on the day David Cameron faces a Commons revolt by Tory MPs over rising fuel prices.

MPs will vote on a backbench motion calling on ministers to consider a "price stabilisation mechanism" to operate alongside Chancellor George Osborne's fair fuel stabiliser introduced in the Budget.

More than 100 MPs of all parties - including 83 Conservatives and five Liberal Democrats - have so far signed the motion, which does not represent government policy.

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