Rising petrol and diesel prices are pushing drivers to consider switching to electric vehicles (EVs) ahead of a planned fuel duty hike in September. In March, petrol prices jumped by 8.6p per litre, while diesel surged by 17.6p per litre in just one month. Average petrol prices reached 140.2p per litre, and diesel hit 158.7p, some of the highest levels seen in recent years.
Impact on Motorists
Iain Reid, Content Director at Carwow, commented: "With inflation climbing to 3.3 per cent and fuel prices seeing their sharpest jump in years, it's clear motorists are bearing the brunt. We're seeing the real-world impact too: EV enquiries on Carwow surged 23 per cent in March and are up a further 14 per cent this month as drivers look to escape volatile pump prices. Rising costs are even being linked to a surge in fuel theft."
Reid added: "While switching to electric offers longer-term protection from this kind of volatility, and is a transition most drivers will have to make eventually, the immediate pressure on households is intense."
Government Response
Labour Party Chancellor Rachel Reeves addressed the House of Commons this week, acknowledging the unintended impact on families and businesses. She said: "That is why I have extended the 5p cut for fuel duty twice since the election, saving the average motorist £90 a year compared with the plans that I inherited. Fuel duty was never lower in 14 years under the Conservatives than it is today. Of course, we are keeping all scenarios under review, but it is quite clear that the best way to bring down fuel prices is to de-escalate this conflict, not ramp it up like the Conservatives want to do."
Reeves also highlighted the introduction of a cheaper fuel finder tool to help consumers compare prices and avoid price gouging. She stated: "We have introduced the cheaper fuel finder tool, so that people can compare prices and get the best deal when they fill up their car, and we have had all the petrol retailers into No. 11 Downing Street to ensure that we do not have any price gouging."
She added: "We are preparing for every eventuality. I have extended the fuel duty freeze and the 5p cut twice already. I recognise the challenges faced in the current conflict by the agricultural sector and other sectors that are big users of diesel. That is why we are working hard with the industry to ensure that the sectors get the support that they need. Crucially, we are also trying to de-escalate the conflict and reopen the Strait of Hormuz to improve the availability of diesel and fertiliser."
