Drivers are increasingly interested in switching to an electric vehicle, especially as the crisis in the Middle East sends petrol and diesel prices soaring.
Fuel prices continue to rise in response to the war between the United States and Iran, which has resulted in the price of oil jumping significantly.
The price of a barrel of oil has remained over $100 (£75) for more than a week as Iran tries to seal off trade in the Strait of Hormuz, one of the world’s most crucial oil shipping routes.
Data from RAC Fuel Watch shows that motorists are paying an average of 144.5p per litre for petrol and 166.24p per litre for diesel.
Since the killing of Iran’s Supreme Leader Ayatollah Khamenei at the end of February, fuel prices have soared by 8.8 per cent for petrol and a staggering 16.8 per cent for diesel.
Simon Williams, head of policy at the RAC, warned that fuel could continue to rise to 150p for petrol and 180p for diesel by Easter in the coming weeks.
Some car dealerships have reported a huge spike in interest for electric cars as a result of soaring fuel costs.
While vehicle registration data for March will not be released until early April, it could begin to show some signs of drivers turning their backs on internal combustion engine cars to keep costs down.
Petrol and diesel prices continue to soar, as more drivers look at the viability of switching to electric in a bid to reduce costs
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GETTY/REUTERS
Bloomberg reports that BYD and VinFast dealerships in the Philippines and Vietnam have seen interest “quadruple”, with hundreds of electric cars being sold every week.
One VinFast showroom has been forced to hire more staff to keep pace with the growing interest, while sales have doubled compared to last year.
While US President Donald Trump has rowed back pledges to launch strikes on Iran’s power plants after “productive” talks, the threat of further escalation remains.
Following President Trump’s latest update, oil prices have fallen, although Iran has pledged to attack key strategic locations across the Gulf in response to strikes on its key infrastructure.
The price of Brent crude oil has fluctuated wildly in recent days
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OILPRICE.COM
In the UK, drivers are able to use the Government’s Fuel Finder tool to find the cheapest petrol and diesel prices in their local area.
Chancellor Rachel Reeves said work was being done to integrate the data into map applications inside cars to help drivers avoid petrol stations that charge extortionate rates.
Modelling from the Government showed that drivers could save between one and six pence per litre when using the service.
The latest data from Fuel Finder, which is updated twice a day, shows that some forecourt operators are charging more than £2 for a litre of diesel, with further hikes likely.
The Strait of Hormuz is one of the most important shipping routes in the world, especially for oil exports | GETTY
Most expensive petrol prices
- EG Rivington South PFS, Bolton, Greater Manchester (BL6 5UZ) – 181.9p
- EG Rivington North PFS, Bolton, Greater Manchester (BL6 5UZ) – 181.9p
- Asda Stafford South Express Petrol, Stone, Staffordshire (ST15 0XE) – 174.9p
- Asda Markham Vale Express Petrol, Long Duckmanton, Derbyshire (S44 5HB) – 174.9p
- Asda Scotch Corner Express Petrol, Richmond, North Yorkshire (DL10 6NT) – 174.9p
Most expensive diesel prices
- Stratton Motor Company Norfolk Ltd, Norwich, Norfolk (NR15 2XJ) – 205.4p
- Red Lion Service Station, Telford, Shropshire (TF1 2EW) – 199.9p
- Southmuir Services Ltd, Kirriemuir, Angus (DD8 5AP) – 199.1p
- Broadway Garage, Totland Bay, Isle of Wight (PO39 0EY) – 198p
- Beddoes Service Station, Willenhall, Walsall (WV13 3SJ) – 197.9p