Exclusive: Oil at $100 a barrel means higher prices in the EU and UK, making savings for those with electric vehicles even greater, analysts say
European drivers face paying an extra €220 (£190) a year at the pumps because of the surge in oil prices caused by the war in Iran, analysts have warned. In the UK, a separate estimate puts the cost at an extra £140.
A sustained oil price of $100 a barrel, the level seen on Monday, would mean motorists in the EU paying €55bn more over a year, researchers at the Transport & Environment (T&E) thinktank estimated. That is the equivalent of an average of €220 for each driver, with higher-mileage drivers facing even bigger hikes. The assessment was made by comparing data from 2022, when Russia’s invasion of Ukraine pushed the oil price to the $100 mark, with data from 2017-2019.
In the UK, analysts at the Energy and Climate Intelligence Unit (ECIU) estimate that $100 a barrel oil means British drivers who do 8,000 miles a year face a jump in annual fuel costs of £140. This calculation is based on comparison with fuel prices in early March, before the US and Israel attacked Iran.
Electric vehicles are already significantly cheaper to fuel than petrol or diesel vehicles but the surge in oil prices is widening the gap further. In the UK, the annual saving was already £870 a year but would jump to more than £1,000 a year with a $100 oil price, the ECIU said.
