Average refuelling and recharging at lowest cost since before cost-of-living crisis
Posted by: electime 9th December 2024
- Home charging costs fall 15 per cent, 4p lower than earlier in 2024, to the lowest level since before the cost-of-living crisis, according to latest Allstar insights.
- In addition, further good news for drivers as the public charging network becomes more cost efficient too, also falling by an average of 4p per kWh.
- Petrol and diesel at lowest levels since before cost-of-living crisis, with drivers saving more than 20 per cent when they filled up in September compared to April of this year.
Paul Holland, Managing Director for UK/ANZ Fleet at Corpay, including UK brand, Allstar
The cost to refuel cars and vans – whether at the pump or plugging in electric vehicles – is now at the lowest cost since before the cost-of-living crisis, bringing positive news for the UK’s drivers and businesses managing fleets. That’s according to Allstar, one of the UK’s leading EV, fuel and business expense payment companies, which today launches its latest edition of its AllCosts report.
The AllCosts report from Allstar examines the real-life price of electric, petrol and diesel, and analyses how this has affected the cost of running vehicles for businesses. Data for this report has been gathered over the spring and summer months of 2024, and is based on data extracted from millions of charges and fill-ups on the Allstar payment network.
The report reveals that the average cost of charging an electric vehicle at home has dropped around 15 per cent over the spring and summer, to 24p per kWh, the lowest it has been since before the cost-of-living crisis which began in 2021. Electricity prices on the public charging network have dropped in line with domestic pricing, with the average cost (p per kWh) now standing at 78p. This is 4p less than Q1 2024 (82p) and the lowest recorded cost was 25p.
The story is similar for those using traditionally fuelled vehicles; drivers saved over 20 per cent when they filled up in September compared to April 2024. In spring, average petrol prices peaked at 149p per litre with some forecourts charging up to 161p. By September, the average had dropped to 136p with 124p being the lowest. Theoretically a vehicle with a 60-litre tank could have cost up to £97 to fill in April, but only £75 in September. Similarly, the cost of diesel has also fallen to an average of 150.85p per litre.
As the third report of its kind, it analyses the data gathered from the series of reports to look into how choosing to refuel or recharge could affect running costs for business drivers in many different situations. In this edition, we also review plug-in hybrids to find out if they could result in cost savings for a business.
Looking ahead to 2025, Ashley Tate, Managing Director, Allstar Chargepass UK said: “The transition to electric vehicles continues, and while it may have faced some headwinds this year, the industry is hard at work investing in infrastructure, with more than 59,000 charge points now on the Allstar network and ChargeUK claiming a new connector goes online every 25 minutes.
“In the coming year we will also see a focus on reducing emissions for those existing vehicles that are petrol or diesel, in order to ensure operations are as sustainable as possible amid their transition process. This will include measures to drive more efficiently, buy fuel more effectively, plan better routes and streamline operations.”
Paul Holland, Managing Director for UK/ANZ Fleet at Corpay, including UK brand, Allstar, said: “This year has seen mixed messages when it comes to running costs and decarbonisation. With our analysis showing that both electricity and fuel prices are trending downwards, businesses running cars and vans are no doubt welcoming the breathing space financially.
As we approach the close of the year, we have seen various geopolitical events both locally and internationally that will continue to cast their shadow. This does mean that it will be harder to predict the prices that businesses and individuals will pay to refuel or recharge, and more than ever it’s important to plan ahead and make savings wherever possible.”
Download the full report here to find out all the latest insights to help businesses stay informed and ensure they are using the most appropriately fuelled vehicles within their fleet that meets their business needs. To find out more about the Allstar Chargepass card and how one card does it all; fuel, public charging, home charging, reporting controls and more visit here or contact our expert team on: 0345 266 5101.
