May 2022 Newsletter – Market News
EV and ICE drivers both see increased fuel prices
The price of fuel has hit a new record high of an average of 180.29p per litre for diesel vehicles due to the ongoing conflict in Ukraine.
As mentioned in March’s newsletter, despite the Chancellor’s efforts to reduce prices through a 5p a litre fuel cut, the cost of filling your diesel vehicle continues to rise.
Drivers are now paying around 20.3p a mile for unleaded petrol and 18.6p a mile for diesel, compared with around 7p a mile for an EV.
However, despite rising energy costs, EV drivers still see greater cost savings compared to internal combustion engine (ICE) drivers.
Government targets councils to help improve EV charging infrastructure
In May, the Government announced that councils will be expected to work with local fleets to help set-up the UKs EV charging infrastructure.
Previously, there had been concerns over the structure in place to support fleets using EV’s, especially for long-distance journeys.
However, the chair of the Association of Fleet Professionals (AFP) has welcomed the government’s latest focus on fleets, highlighting the need for more chargers in the right areas to support the fleet sector’s commitment to EVs.
Additionally, The Electric Vehicle Infrastructure Strategy produced by the Department for Transport has recognised the needs of fleet operators and the role local and highway authorities must play to make the roll-out a success.
HMRC Advisory Fuel Rates update
As fuel costs continue to rise, please feel free to take a look at the latest AFR figures.
Additionally, Advisory Electric Rates (AER) haven’t changed despite the rising cost of energy.