Fuel for electric vehicles is less than half the yearly cost of a diesel equivalent, new AA data reveals | CPT PPP Coverage

The average EV driver is now paying €978 per year to fuel their vehicle, down from €1,017 the previous month.

This compares favourably with a similarly sized diesel equivalent that will cost €2,154 to cover the same distance of 17,000km per year.

The AA Ireland’s monthly Fuel Price Survey shows that petrol is down from €1.83 per litre in October to €1.80. Diesel has also fallen by 3c per litre, from €1.84 to €1.81 in November.

Blake Boland, Head of Communications at AA Ireland said this is the second month in a row that fuel prices have dropped following “dramatic rises in fuel prices” from a low of €1.47 for diesel in May.

“There was a worry that we would see the €2.00 per litre mark being hit this year. Thankfully, this has not materialised and looks unlikely to happen,” he said.

The government delayed the excise duty restorations that were due last month until well into 2024.

The survey also shows that the price of crude oil eased from highs of $94 per barrel in September to $78 per barrel in the middle of November. It currently sits at $81 per barrel.

The addition of nearly 3c per litre due to the increased Carbon Tax in the last budget prevented prices dropping even further.

Mr Boland stressed that continuing unrest in the Middle East mean markets remain uneasy, making it far from certain that prices will remain stable.

“However, stocks being delivered to forecourts this week suggest that prices will be slightly lower again as we approach the end of November, with many people around the country paying below €1.80 per litre for both Petrol and Diesel,” he added.

The cost of fuelling an Electric Vehicle has also dropped slightly again in November.

Although electricity prices are still quite elevated since the war in Ukraine began in 2022, this October saw a significant price drop. November’s survey also shows a small reduction.

Mr Boland said: “EV drivers need to be savvy in choosing how they charge up. Those taking advantage of cheap night rates could see their annual fuel bill to cover that 17,000kms being as low as €300 per year. There are significant savings to be made.”