Chancellor Alaistair Darling has dropped plans to increase fuel duty by 2p per litre.
Speaking earlier this week, Darling admitted that drivers were already under pressure due to the rising cost of oil and said that he hoped this decision would help motorists and businesses to get through a "difficult time".
Welcoming the news, AA president Edmund King said that it was difficult to tell whether petrol prices had reached their peak, but pointed out that "every little helps".
"When fuel prices eventually start falling we will be watching them like a hawk to spot any suppliers who drag their feet," Mr King added.
A litre of petrol currently costs an average of 119.51p with diesel coming in at 133.08p.
Earlier this week Insurance.co.uk advised drivers to cut their fuel costs by making an effort to drive more economically.
A study carried out by the site found that motorists travelling at 90mph wasted £1.20 every eight minutes, compared to those driving at 70mph.
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