Has the rising fuel prices caused consumers to go electric?

Electric vehicle changing on street parking with graphical user interface, Future EV car concept

In early 2022, it was reported by many media outlets that in western countries of the
world, citizens were seeing a significant increase in fuel prices. In April 2022, there is
still a rise in fuel prices and many car consumers are of course not very happy with
this. In March 2022, the Chancellor of the Exchequer cut 5p from fuel duty to help
citizens of the United Kingdom to be able to afford the new rising fuel prices.

However, this move hasn’t been enough to stop people from worrying about the
ever-rising prices and notably this has caused people to consider switching from
driving a fuel-consuming vehicle to a fully electric one. So, we have done our
research on this topic and how it affects the purchasing decisions of car buyers and
here is what we have found.

Fuel Prices Statistics

The rising fuel prices are something which has affected most of the world. Usually,
supermarkets fueling stations have some of the lowest petrol prices in the country,
but even they have had to increase their prices.

It was reported by the RAC the average cost of a litre of petrol in the UK rose by
11.6p by the end of March to 163.3p. That is the largest ever increase the RAC has
recorded in a single month, which means we really are facing rising fuel prices as we
have never seen before.

Why has the price of fuel risen?

There is much speculation about why exactly fuel prices have had a dramatic
increase. The RAC say that the reason why we are facing a rise in prices is because
of the recent Russian-Ukrainian war. As Russia and Ukraine are countries that
supply the world with fuel and because of the war, fuel is now not as accessible as it
used to be.

Electric Car Sales Statistics

It is no secret that electric car sales have risen recently. This is because of a number
of reasons. The first reason is that we as a society are being encouraged to drive
electric cars because they are better for the environment. The second reason is that
in late 2021, we experienced a fuel shortage here in the UK and many car
consumers were panicking about the lack of fuel, meaning some people made the
decision to drive an electric vehicle because of the crisis.

It was reported by SMMT that there were 15,094 new registrations of electric
vehicles in February 2022. The market share of electric vehicles in february was
25.6%. March and September are the busiest months of vehicle registrations in the
year as this is when the number plate registrations change.

Final thoughts

We hope you have enjoyed our article on whether rising fuel prices has caused
consumers to go electric. Based on our reasonings there are lots of pieces of
evidence which proves that the fuel prices and supply issues with fuel have caused
people to purchase electric vehicles prematurely or earlier than they once intended

Related Posts