The cost to refuel cars and vans – either at the pump or at the charger for EVs – is now at the lowest cost since before the cost-of-living crisis, bringing positive news for the UK’s fleets and fleet drivers.

The cost to refuel cars and vans is now at the lowest cost since before the cost-of-living crisis

The latest AllCosts report from Allstar examines the real-life price of electric, petrol and diesel over the spring and summer of 2024, and analyses how this has affected the cost of running vehicles for businesses.

The report reveals that average home charging costs have fallen 15% to 24p/kWh; the lowest level since before the cost-of-living crisis and 4p lower than earlier in 2024.

The public charging network has become more cost efficient too, dropping in line with domestic pricing. The average cost now stands at 78p/kWh; 4p less than Q1 2024 (82p) and the lowest recorded cost was 25p.

Petrol and diesel prices are also at their lowest levels since before the cost-of-living crisis; drivers saved over 20% when they filled up in September compared to April 2024.

In spring, average petrol prices peaked at 149p per litre with some forecourts charging up to 161p. By September, the average had dropped to 136p with 124p being the lowest. Theoretically a vehicle with a 60-litre tank could have cost 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.

As the third report of its kind, AllCosts analyses the data gathered from the series of reports to look into how choosing to refuel or recharge could affect running costs for business drivers in many different situations. Data is extracted from millions of charges and fill-ups on the Allstar payment network.

This edition also reviews plug-in hybrids to find out if they could result in cost savings for a business.

Looking ahead to 2025, 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, added: “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.”

Download the full AllCosts report here.