More than 3,500 shoppers have signed a petition in support of Oxford's Covered Market traders who are facing massive rent increases.

Fifty-four traders at the historic market are appealing against a rent review by Oxford City Council.

The Covered Market Traders' Association complained and the issue has now been referred to an independent arbitrator.

The arbitrator has ruled on four out of 54 cases, ordering increases ranging between 28 and 51 per cent.

But traders are now warning some businesses will have to close if similar increases are imposed on the remaining 50 cases.

They welcomed the petition, organised by local Conservative party members, and said it showed residents did not want shops in the market to close.

Covered Market Traders' Association chairman Richard Alden, who runs Hayman's Fisheries, said: "Traders really appreciate the support from shoppers in this petition, which will be presented to councillors at the end of the month.

"Trading conditions are not particularly bright and there is uncertainty over when work will start to build the new Westgate.

"We feel the proposed increases are totally unacceptable in the current economic climate and if they do go ahead, there will be blood on the carpet - some businesses will have to close.

"There are no businesses that would say footfall has increased sufficiently in recent years to support such increases - footfall has fallen year-on-year.

"Transport policy in Oxford has reduced the number of parking spaces for drivers and we are also facing competition from French markets.

"Shoppers are showing us they would be devastated to lose the market as they know it, and even though this has gone to arbitration, councillors still have the ability to influence the decision-making process."

The petition was launched when shadow chancellor George Osborne visited the Covered Market in April to talk to traders about the rent increases.

The petition urges city councillors to "save the Covered Market, one of Oxford's jewels in the crown".

It adds that petitioners "humbly request the city council will seek to support the Covered Market for the benefit of the community, as an irreplaceable part of Oxford's heritage, by pledging to give a fair deal to traders to protect and enhance the quality and variety of local businesses present in the building today".

Sandie Griffith, who runs Jemini flower shop, is facing an increase of more than 100 per cent, from £25,000 to £57,000.

She said: "This is a fantastic response from members of the public.

"It used to be an unwritten rule the Covered Market was for small businesses, which could not afford to trade in the big shopping centres, but that's not the case any longer.

"I cannot afford one penny of the increase I am facing and I am trying to sell one of my units because having a big shop is a luxury I can no longer afford."

City council spokesman Chris Lee said: "The council's policy has been designed to maintain a mix of fresh food stalls, cafés and non-food trades.

"An independent arbitrator is currently examining the rent reviews and we expect the result in a few weeks.

"Mary Clarkson, the board member for culture and heritage, has been meeting the Covered Market traders to discuss the current position."