On Sunday 10th July 2022, the price of petrol stood at 190.65p a litre, and 198.42 a litre for diesel. These prices have angered many motorists. The weekly wholesale price of petrol has fallen by 12p a litre over the last six weeks. Just last week it averaged just 140.5p, so it’s incredibly annoying that motorists are still having to pay 190.65p all over the UK.
If you factor in a 10p a litre retailer margin and the 20% VAT, the real cost of a litre of petrol should be closer to 181p.
Fuel prices have shot up after the Russian invasion of Ukraine at the end of February. However, prices of fuel have eased off in recent weeks amid increasing fears of a global recession. Some have criticised retailers – asking how they can justify prices when wholesale costs are dropping. Although it’s been thought that retailers may very well be protecting their profits, in case of wholesale costs increase again. It takes time to pass on price changes – or at least that’s what retailers like to say.
Tips to Save Fuel:
- Be aware of your speed – especially on motorways. Lowering your speed from 70mph to 60mph can possibly improve fuel economy by up to 20% – if you’re in no rush to be somewhere, then drop your speed!
- Plan – Plan your route, and avoid driving in rush hour. Continual stop, starting is bad for your fuel economy. Also, look for more green routes (this is often an option on many sat navs).
- Drive less – can you walk? Or even walk part of the way – park further out of town, parking is usually cheaper and it’s a simple way to get exercise too.
- Save weight – Reducing the excess weight of a car saves fuel. Remove clutter in the boot, remove roof boxes etc.
- Tyres – correctly inflated tyres are not only a safety benefit, they help maximise how many miles you get from your tank.
- Look at your driving style – smooth use of gears and foot controls will have a profound impact on your fuel economy. An erratic driving style will create more wear and tear on your car and will cost you more at the pumps.