..FUEL FIASCO...FUEL FIASCO BEFORE INTERVENING WITH CUT IN FUEL DUTY OR VAT?
N.B. It is particularly important to make sure your tyres are inflated to the correct pressure
• Excessive speed is the biggest fuel-guzzling factor so having a light right foot and ensuring all acceleration is gentle is very important to fuel- efficient driving.
• Driving in the highest possible gear for your vehicle while keeping within the speed limit. The best advice in urban areas is to change up through the gears as quickly to the highest gear possible within the speed limit.
Fuel duty and VAT
The tax we pay on fuel in the UK is a whopping 39% for diesel and 40% for petrol, so motorists nationwide welcomed the decision by the Chancellor of the Exchequer to scrap a planned fuel duty rise from 57.95p per litre, where it’s been for the last 12 years.
Though the £0.05 per litre cut in duty in the Spring budget was welcomed, not all retailers have passed it on - they’re not legally required to.
As though one tax wasn’t enough, Value Added Tax (VAT) at a mighty 20% is also added on top.
E10 petrol
E10 petrol replaced E5 in September 2021. Both are biofuels, where the ‘E’ refers to the ethanol in the biofuel mix. The 10 refers to the percentage of ethanol used in this plant-based synthetic, said to be more environmentally friendly.
However, a number of Parkers’ readers have reported that they are seeing significant reductions in the fuel economy of their vehicles using E10, with some switching to the more expensive Super Unleaded, which remains at 5% bio-mix, to maintain their original fuel economy.
E10 affects fuel prices as the prices for the ethanol mix make up 6% of petrol and 9% of diesel (B7) and recently the cost of the ethanol mix has risen.
WHAT CAN YOU DO TO REDUCE YOUR FUEL BILLS?
• Regular maintenance and servicing improves the efficiency of your vehicle, and therefore can improve your fuel consumption.
JULY 2022
• Anticipate: try not to lose momentum, drive as smoothly as possible, gently using the steering, accelerator and brakes.
N.B. When slowing down, it’s important to remain in gear as the fuel cut-off switch in a fuel injection engine is then activated, meaning virtually no fuel is used while braking.
• Only use cruise control on the motorway
• Try not to use the air-conditioning or heater as they use engine power and therefore increase fuel consumption - we know this is not ideal
SHOP AROUND FOR FUEL
Get to know the cheapest filling stations where you live. And look beyond the supermarkets - some independent retailers can be cost-competitive too.
CONSIDER CREDIT CARD CASHBACK
Some credit card companies offer cashback for spending money at filling stations. While it might not actually save you money at the pumps, it will offset higher petrol or diesel prices by putting something back in your account.
N.B. Remember to pay off your account within the month or your savings will be cancelled out.
WOULD I BETTER OFF IN AN ELECTRIC CAR?
Quite possibly. Although electricity prices can - and do - vary, if you’re in a pure battery electric vehicle and able to charge at home then changes in the oil price won’t affect the cost of running your car.
N.B. Fuel prices correct at time of going to press. 7
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