Drivers have been warned about the rise in petrol prices as experts have revealed that the UK is the third most expensive country in the world for refuelling cars.
Brits could see petrol prices skyrocket to £2.50 per litre by 2050, according to a new study. The new research has analysed typical prices in 22 countries and it found that drivers in the UK still face much higher prices than neighbouring countries.
It also finds the price of electricity is higher here too. Abby Nuttall, SEO and Content Executive of Xcite Car Leasing, explained: “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.”
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She added: “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.”
According to RAC data by June 19, 2024, the average cost for a litre of petrol was 145.46p, while diesel typically cost 150.59p per litre. Fuel prices continue on this upward trajectory, by 2050 UK motorists could be shelling out almost £140 to refill their petrol car’s fuel tank, Birmingham Live reports.
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Abby 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.”
With an average petrol price per litre standing at 146.3p, it’s still “5p more expensive than it should be”, according to the group. Meanwhile, Northern Ireland is charging a slightly lesser 141.1p.
On the other hand, Diesel cost has reached a record high of an average 151.5p – marking it as the priciest in Europe for a seven-week stretch and way above Northern Ireland’s 141.9p.
Data from the RAC reveals that retailers’ margins – the spread between their buying and selling prices – stand at 14p per litre for petrol and 16p for diesel.
Prior to the calling of the election, government officials were pushing retailers to reflect the tumbling wholesale costs in their consumer prices by advocating for greater watchdog powers.
However, as expressed by RAC head of policy Simon Williams: “Drivers across the UK – with the exemption 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 hypothesise that they’re hoping the General Election distractions will render their pricing tactics unnoticed.”
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