Analysis: EVs are now nine times cheaper than petrol or diesel to drive in UK
3 hours ago
- EVs are now up to nine times cheaper to drive in the UK compared to petrol or diesel cars due to a surge in fossil fuel prices.
- Since February, diesel prices have risen by 38% to £1.96 per litre, and petrol by 31% to £1.72 per litre, driven by oil prices above $100 per barrel.
- Off-peak EV charging costs 2.3p per mile, while diesel costs 21p per mile and petrol 20.1p per mile — even at the price cap, EV charging is 7p per mile, three times cheaper.
- UK drivers can save around £80 per tank equivalent and £1,200 per year by charging an EV at home versus fueling a petrol car.
- Despite higher running costs, petrol cars make up 55% of UK vehicles, but EV sales are growing, with 30% of new car sales in August being battery EVs.
- Public charging is more expensive, but 90% of EV charging occurs at home; a planned pay-per-mile tax from 2028 would add 3p per mile but EVs remain far cheaper.