Rising fuel prices increase EV savings
Rising fuel prices could increase annual savings for electric vehicle drivers over motorists with petrol or diesel vehicles.
According to new analysis from the Energy and Climate Intelligence Unit, surging fuel prices caused by conflict in the Middle East could result in annual savings for electric vehicle drivers compared to ICE drivers increase from £850 on average to £1,040.
Energy firm Octopus Energy will cut the price of its electric vehicle charging tariff from 7p per kWh to 5.5p in April, meaning it could cost less than 1.5p per mile to run an electric car. By comparison, petrol is expected to reach around £1.50 per litre, which equates to about 17p per mile.
Colin Walker, head of transport at the Energy & Climate Intelligence Unit, said: “While petrol car drivers are facing a jump in their fuel bills, some EV drivers could actually see their charging costs come down, increasing the savings they were already making before the war started.
“Some industry voices are calling for the UK to slow its switch to electric vehicles, but let’s be clear; EVs powered by British wind and solar farms help the UK cut its dependence on foreign oil imports, and protect its drivers from volatile markets over which we have no control. Oil is traded internationally, so trying to squeeze more out of the North Sea has little impact on the price paid at the pump.”
