Analysis of fuel prices across Europe and the US has shown that drivers in the UK are facing some of the highest costs when it comes to diesel, petrol, and electricity. According to data collected by Xcite Car Leasing, the price of electricity in the UK is the second highest among the surveyed countries, with only Italy surpassing it.
When it comes to diesel prices, the UK ranks fourth, trailing behind Switzerland, Finland, and Norway. For petrol prices, the UK comes in at the 11th spot. While Danish drivers pay the most for petrol, several other countries, including the Netherlands, Norway, Greece, Switzerland, Italy, France, Finland, Germany, and Portugal, all have higher petrol prices than the UK.
In terms of overall fuel prices, the UK ranks third, with only Italy and Switzerland ahead. The US and Turkey are among the cheapest countries for fuel, with Turkey having the lowest electricity prices and the US offering the lowest petrol and diesel prices.
The high cost of electricity in the UK can be attributed to the complex mechanism that determines wholesale electricity prices, which is closely tied to the operation of gas-fired power stations. Despite calls to decouple electricity prices from gas and reduce costs for consumers, doing so could result in lower tax revenues for the government.
Xcite’s data also revealed that the UK ranks sixth in terms of electric charge points per square mile, behind countries like Germany, Switzerland, Denmark, Belgium, and the Netherlands. This indicates that while fuel prices may be high, the infrastructure for electric vehicles is relatively well-developed in the UK.
Overall, the data highlights the challenges faced by UK drivers in terms of fuel prices, particularly for diesel and electricity. While efforts to improve the affordability of electric vehicles and reduce dependence on gas for electricity generation are ongoing, the impact on consumer costs and government revenues remains a complex issue.