PUMP UP
Petrol could cost £2.50 a litre by 2050 as UK named third most expensive country for fuel, research says
The UK is now the third most expensive country for fuel
PETROL could cost £2.50 a litre by 2050 as the UK is named the third most expensive country for fuel.
A new study analysing typical prices in 22 countries has found that Brits still face much higher fuel prices than neighbouring countries.
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Abby Nuttall, SEO and Content Executive of Xcite Car Leasing, said: "According to our index, the UK is the third most expensive country for fuel, scoring a total of 34 out of a possible 88.
"This ranking is based on an index calculating the cost of petrol, diesel, and electricity, as well as the number of EV chargers per square mile.
"The UK has the second highest electricity price kWH [kilowatt-hour] of the 22 countries analysed at €0.40 (£0.34), with just Italy more expensive at €0.42 (£0.36).
"The price of diesel in the UK was also the fourth most expensive of all countries analysed at €1.82 (£1.56) per litre."
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According to the RAC, the average cost for a litre of petrol on June 19 2024 was 145.46p, whilst diesel typically cost 150.59p per litre.
Abby warned that, if fuel prices continue to rise, by 2050 UK motorists will need to pay almost £140 to refill their petrol car's fuel tank.
She added: "The UK could see an astonishing cost of £2.63 per litre by the year 2050. If we were to base this on a Vauxhall Mokka, for instance, with a full tank holding 53 litres, that would cost a staggering £139.39, highlighting how the increase in fuel could significantly impact disposable income for households.
"Comparatively, motorists in the US face a projected price of £1.81 [per litre], which is only 5p more than the 2024 price of diesel in Switzerland."
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Motoring organisation the RAC says pump prices are “far higher than they should be”, because wholesale fuel costs have been tumbling since April.
The average price of a litre of petrol is 146.3p, which is “5p more expensive than it should be”, the group said. Northern Ireland is charging 141.1p.
Meanwhile diesel has hit an average 151.5p — the costliest in the continent for seven weeks and well above Northern Ireland’s 141.9p.
RAC figures show retailers’ margins — the differences between what they paid for fuel and the price they charge — are 14p per litre for petrol and 16p for diesel.
Until the election was called, ministers were pressuring retailers to pass on lower wholesale costs to consumers by giving the watchdog more powers.
But RAC head of policy Simon Williams said: “Drivers across the UK — with the exception of those in Northern Ireland — are losing several pounds every time they fill up.
"There’s no good reason for retailers not cutting prices. We can only think they’re hoping no one will notice due to the distraction of the General Election.”
Ways to cut down on your fuel costs
HERE are some tips on how you can slash the cost of fuel.
- Make your car more fuel-efficient. You can do this by keeping your tyres inflated, taking the roof rack off, emptying your car of clutter and turning off your air con when driving at lower speeds.
- Find the cheapest fuel prices. PetrolPrices.com and Confused.com allows you to search prices of UK petrol stations. All you need to do is enter in your postcode and tell it how far you want to travel (up to 20 miles).
- Drive more efficiently. Some ways to do this, include:
- Accelerate gradually without over-revving
- Always drive on the highest possible gear
- If you can, allow your car to slow down naturally as your brake is a money burner
- Re-starting your car is expensive, if you can keep moving
The Sun’s Keep It Down campaign has secured fuel duty freezes for the past 14 years.