Drivers face £677 ‘petrol premium’ as pump prices rise – analysis
New analysis shows petrol price increase, adding to drivers annual fuel bill
By Colin Walker
info@eciu.netShare
Last updated:
Analysis by the ECIU, based on reports that the price of petrol has increased by 3p since Christmas [1], has found that, if this price continues, an extra £420m will be added to the annual fuel bill of the drivers of the country’s 18.7m petrol cars.
The extra annual fuel costs incurred in running a petrol car over an electric equivalent would increase to £677.
Commenting on this analysis Colin Walker, Head of Transport at the Energy and Climate Intelligence Unit (ECIU), said:
“Petrol vehicles are already considerably more expensive to own and operate than their electric equivalents – unsurprisingly, when the price of petrol increases, the petrol premium that people pay to drive a petrol car over an electric one only gets bigger.
“Over the last 20 years, petrol prices have trended in one direction – up. This trend is likely to continue meaning that, in tandem with electricity prices that are forecast to fall over the remainder of the decade, the cost of running a petrol car over an electric one is only going to get higher.
“Initiatives like the ZEV Mandate, which are driving up competition between manufacturers and driving down the price of new EVs, and accelerating the growth of the second hand EV market, will see more people able to make the transition away from more expensive petrol cars, and into cheaper and cleaner electric vehicles”.
Notes to editors:
1. Fresh blow to hard-pressed Brit motorists as cost of petrol and diesel soars since Christmas: https://www.thesun.co.uk/motors/32786310/cost-petrol-diesel-soars/
For more information or for interview requests:
George Smeeton, Head of Communications, ECIU, Tel: +44 (0)7894 571 153, email: george.smeeton@eciu.net