According to the study, the cost of running a petrol, diesel, or electric model decreased in 2024 (Image: Getty)
A new study has found that the cost of filling up a , , or is currently the cheapest it has been since the cost-of-living crisis began three years ago.
Whilst many motorists consider the as an expensive endeavour, a study by the EV, fuel and business expense paymaent company found that the is falling.
Paul Holland, Managing Director for UK at Allstar noted that the move contrasts a number of world events that occured throughout 2024.
He explained: “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.”
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The cost of charging an electric car fell by 15 percent to 24p per kWh (Image: Getty)
According to Allstar, the average cost to charge an electric vehicle at home fell by 15 percent during 2024 to 24p per kWh – a change that could see owners save several pounds each time they plug in.
Public charging, which typically offers a higher voltage in order to cut the time needed to replenish the battery, also fell by the same amount, with drivers currently paying an average of 78p per kWh.
Whilst the change is a welcome move to many motorists, some electric vehicle campaigners are still urging for more measures to cut the cost of running an EV, including a reduction in VAT on public charging.
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Allstar also shared good news for petrol and diesel car owners, with the cost of conventional fuels also falling during 2024, with drivers typically spending more than 20 percent less than they did earlier in the year.
Whilst drivers were typically paying 149p per litre for petrol in the spring of 2024, the fuel had dropped to an average of 136p by September, with some forecourts selling it for just 124p per litre – a saving of £22 each time a driver fills up or £1,144 per year.
Another report from the RAC highlighted that the cost of both petrol and diesel slightly crept up between October and November, but this month is set to be the cheapest December for fuel since 2022.