Wednesday, December 11, 2024
Uncategorized

Charging prices fall to pre-cost of living crisis

The cost to refuel cars and vans is now at the lowest cost since before the cost-of-living crisis, according to business expense payment firm Allstar.

The news comes in the AllCosts report, which examined the real-life price of electric, petrol and diesel, and analyses how this has affected the cost of running vehicles for businesses.

It revealed the average cost of charging an electric vehicle at home has dropped around 15% 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.

This has also been replaced for ICE vehicles with a 60-litre tank costing 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.

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.”

Image of Paul Holland courtesy of Allstar

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