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Motorists could spend nearly £400 more on petrol this year as the UK grapples with the crippling cost of living crisis.
New research revealed the average driver will spend more than £2,200 to fill their tank this year, an increase of more than 21 per cent on last year.
It comes as analysts predict further price increases fueled by rising oil costs. Some estimated prices could rise to over £1.50 a litre.
The cost of living in the UK has been on the rise since early 2022 as rising inflation pushed up the price of energy, groceries and other household necessities.
The annual inflation rate currently stands at a debilitating 10.5 percent, a slight decline from the 41-year high of 11.1 percent recorded in October.
New research shows the average driver will spend more than £2,200 to fill up their tank this year, an increase of more than 21 per cent on last year
It comes as analysts predict further price increases fueled by rising oil costs. Some estimated prices could rise to over £1.50 a litre
Motorists reported spending £8.59 more at the petrol station last month than at the same time in 2022, according to a survey by car dealer Motorpoint.
January’s 21 per cent increase at the pump led analysts to believe motorists are likely to spend £395 more on fuel this year.
It also estimates, based on the average car that needs to be refueled about every eight days, that drivers will spend about £188.41 a month on fuel.
The AA warned earlier on Tuesday that rising oil prices will continue to hit motorists with rising fuel prices.
The average price of a liter of petrol at UK petrol stations on Monday was 148.8 pence, according to Experian data reviewed by This Is Money.
That was slightly higher than the 148.4p a week earlier, but remains significantly lower than the record 191.5p set in July 2022.
Oil had fallen below $78 (£63.33) a barrel in early January, but was valued at $86 to $88 (£69.83-£71.45) last week. The resulting increase led to increases in the wholesale cost of road transport fuel.
The RAC reported that in 2022 UK retailers pocketed an additional £5p profit on every liter of fuel sold in 2022, claiming there is ‘absolutely no justification for the rise in pump prices’ in the coming days, despite recent wholesale increases.
Ministers would examine plans for a fuel watchdog to prevent drivers from being scammed at the pumps.
Chancellor Jeremy Hunt and company secretary Grant Shapps would look at a system to force gasoline and diesel retailers to pass on wholesale cost cuts to consumers.
A report on the situation is expected to be finalized by the end of February and a decision will be taken once the March budget is prepared.
The 21 per cent increase at the pump has led analysts to believe motorists are likely to spend £395 more on fuel this year. Pictured: A Shell petrol station in Southwark on Thursday
Meanwhile, 75 percent of the 2,083 car owners surveyed by Motorpoint have reported that it is more expensive to fill up their car this year than it was in January 2022.
Half of drivers said they felt they were paying too much at the pump and 58 percent admitted to worrying about fuel prices.
However, the car dealer revealed that more than 76 percent of drivers could do more to reduce fuel consumption.
“While choosing an economical vehicle is the easiest way to make big savings when it comes to how much you spend on fuel, it’s not an option for everyone,” said Tim Rodie, driving expert at Motorpoint.
“Regardless of the car you drive, there are small changes you can make to your driving habits that can help with fuel economy, helping you go further between fill-ups.”
Mr Rodie claims drivers can save on fuel costs by emptying the car’s boot, rethinking the temperature inside the vehicle, keeping up with routine maintenance and remembering to drive as if you were passing your license.
He recommends getting unused items out of the trunk, bike racks, and roof boxes because the “lighter your car is, the less fuel you need to drive it.”
Running the air conditioning or driving with the windows down also costs extra fuel, so Mr Rodie advises avoiding temperature control measures where possible.
“Turning on the air conditioning system can really drain your fuel,” he explained. “The same goes for driving with the windows down.”
While it can be nice to get some fresh air into your car, open windows make your car less aerodynamic, meaning your car has to work harder and will use more fuel.
“In general, it’s best to open your windows when driving at lower speeds, and air conditioning is more efficient when driving on the highway.”
Motorists should also try to keep up with their maintenance schedule to ensure the vehicle is running as efficiently as possible.
Finally, Mr. Rodie advises that ‘driving the way you did when you took your exam can really help with fuel economy’.
He said: ‘Keeping within the speed limit, anticipating what’s going to happen on the road ahead and hitting the throttle are all very easy ways to save fuel.’
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