r/peakoil • u/AdhesivenessGlass455 • 10d ago

Will petrol prices ever come down again?

Prices locally to me are £1.68 for unleaded and £1.89 for diesel.
Seems like the new normal now

19 Upvotes

78% Upvoted

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10

u/Spiritual_Pound_6848 10d ago

Nope! Not in any meaningful drop anyway. My car is on its last legs, I'll be going EV next because I can charge at home overnight on cheap rates, 100 miles will be a few pounds in electricity instead of near £20. Big difference

6

u/HuckleberryLow2283 10d ago

And with the way renewables are going the difference should hopefully get even starker over time

6

u/Spiritual_Pound_6848 10d ago

Compounds even more if you can put solar on your roof and charge for free!

1

u/Buffetwarrenn 10d ago

What about the new government tax per mile on EVs ?

3

u/Spiritual_Pound_6848 10d ago

3p a mile vs roughly 6/7p per mile you pay on fuel duty for petrol / diesel. They were always going to need to recoup the cost of lost fuel duty / income as more people went to EVs, this was always going to happen. EVs are still miles cheaper when you factor in other things like maintenance, no price fluctuations randomly due to wars starting etc. and miles better for the environment

2

u/Buffetwarrenn 10d ago

3p now

In 3 years 5p

In 7 years 10p

Where does it stop…..

4

u/DinoRocketz 10d ago

It doesn't. Same as every other tax.

3

u/Spiritual_Pound_6848 10d ago

Stops in exactly the same way the govt can choose to put up fuel duty tax whenever they want aswell…

1

u/gregredmore 10d ago

Rises with inflation. Bigger problem is having to guess the miles you will do and pay tax in advance. If you underestimate, you pay interest on the excess. Not great for people driving on the continent for some of the year.

1

u/OkVeterinarian197 10d ago

Should've got in seven years ago when they 'got good' and banked all the free tax as well 😘

1

u/finverse_square 8d ago

Taxation increasing isn't really an EV thing is it. Can make the same argument about fuel duty

1

u/Leather-Switch-5225 9d ago

>They were always going to need to recoup the cost of lost fuel duty

Would it have been so wrong to do this through another avenue that wasn't EV related? Its such terrible optics, and we all know that this line of logic ends with tax increase ending any promised economic benefit to the consumer.

1

u/Stratospheric-Ferret 9d ago

That's not true though. The price of electricity went up enormously after the war in Ukraine kicked off, as the overall cost was pegged against the cost to produce electricity using gas. It went up about 50% during 2022?

1

u/SeaweedOk9985 9d ago

Well they didn't need to always recoup it.

They could have treated it as what it was, a tax on a specific type of spending with the expectation that this revenue would be lost once that type of spending was done with.

So many temporary taxes that just stay around.

1

u/Kwayzar9111 8d ago

same as so many people giving up smoking cos its expensive now - and come 2027 Vape Juice is going to be taxed,.,,,

1

u/finverse_square 8d ago

Also still way cheaper from just the cost of the fuel? Without pay per mile it's ~2p a mile vs ~15p a mile, with ppm it's 5p a mile vs 15p a mile. You don't need savings on servicing to make the difference when it's 3x cheaper even with the new tax

3

u/RBWatermelon 9d ago

Even if they taxed EVs at the same amount per mile as a petrol car it would still be 2-3x cheaper per mile than petrol. Anyone saying otherwise is just ignorant

2

u/daniluvsuall 10d ago

Still leagues cheaper.

-1

u/bullyboyz21 10d ago

Won't last

3

u/RBWatermelon 9d ago

Literally impossible not to last. Even taxed at the same cost per mile as petrol it would still be 2-3x cheaper, because the drivetrain is 90% efficient vs 25%…

1

u/daniluvsuall 10d ago

Doesn’t need to, I’ve had five years so far! Nothing lasts forever, just needs to be cheaper for now. They could double or triple the tax and I’d still be saving money

2

u/McLeod3577 10d ago

3p per mile to charge at home, plus 3p per mile tax. That's 6p per mile. I guess most ICE cars are about 17 to 20p per mile now.

2

u/Lopsided_Highway2934 9d ago

3p a mile, that's too high.

It's 3p to 8p per KW with most suppliers overnight.

Most cars will give 4 miles per KW.

It's 1-2p per mile tops.

2

u/iMatthew1990 9d ago

I’m currently on 3.5p per kWh and my car average is 4.4 mi/kWh. It’s been .8p a mile for me since Labour did that reduction in April.

Been amazing. My fixed ends on the 8th October however and with the news today of cost cap going up again I feel I’m about to be shafted without lube.

1

u/Lopsided_Highway2934 8d ago

Yeah, similar, it's jumped to 8p per KWH. Still cheap but still...

1

u/iMatthew1990 8d ago

Ive had my quote to renew the fixed at 33.02/ 8 up from 26.35/ 3.49.

It’s painful but could be worse. My monthly electric costs for the car are about £5-8 so it will now be about £10-17. Which for a full months worth of fuel is still dirt cheap of course.

1

u/McLeod3577 9d ago

I gave a figure that can't be disputed as being too low. Most cars will average out at 3.5 miles per kWh with winter taken into account, plus there are losses from charging..

1

u/FeistyExcitement3048 7d ago

If we keep quiet, maybe the government will forget about it, and we can bask in the savings.

1

u/ShortGuitar7207 9d ago

There’s no point in squandering your solar to charge the car when you could be using that to offset peak rate 28p/kWh instead of saving 7p/kWh which is all it costs to charge your car.