IT Garage Services explains why fuel prices are so high in 2022.
Fuel prices in the UK have never been higher. Owning a car is not a cheap endeavour. But with fuel costs spiralling, along with a cost-of-living crisis is owning our beloved vehicle going to cost more than it’s worth? IT Garage Services asks the questions – Why are fuel prices so high? And will the cost ever come down again?
Why are Fuel Prices so High?
Petrol prices are spiking following rising fuel and oil prices worldwide. The cost is rising due to the ever-increasing price of oil production which has grown by 60 per cent in the last 12 months. The impact of Russia’s initial invasion and continued bombardment of Ukraine is also sending oil prices higher in March 2022 than ever before.
Crude oil rose to more than $105 a barrel in the early days of President Putin’s invasion of Ukraine.
The price of oil has a direct impact on the price of petrol and diesel, as well as wholesale fuel prices overall because crude oil is used to produce the essential fuels – petrol and diesel – that our vehicles run on.
Oil prices per barrel returned to more stable prices after the price hike in March, but the cost of petrol remains high at the pump – and can vary wildly across different areas and even different forecourts in the same city.
The UK and its European partners are now considering a move away from being reliant on Russian oil and gas reserves. Several solutions are being considered, but Ministers are considering steps that could lead to a fracking rethink in the UK after committing to phasing out imports of Russian oil by the end of the year.
A move to using greener methods of energy like renewables and switching to electric and hybrid cars could be the solution we are looking for.
Will the cost of fuel ever come down again?
With the conflict in Ukraine continuing in April, it looks like the elevated furl prices will continue. Industry experts have suggested that we have seen the peak at our forecourts though. The price of oil has stabilised but the likelihood of its fuel prices dropping to pre-pandemic levels looks unlikely any time soon.
What Can I Do To Reduce Fuel Costs?
There are some great measures you can take right now to reduce your fuel costs:
- Tyre Pressures
Having your vehicle’s tyres inflated to the correct pressures has a huge impact on your vehicle’s fuel economy.
- Accelerate and Brake Responsibly
Aggressive acceleration and sudden brakes might make you feel a little more like Lewis Hamilton, but it harms your vehicle’s fuel efficiency greatly.
Opening your windows can play a big part in your car’s aerodynamics, even if they are just open a crack. At high speeds, this open window will affect the drag and, in turn, your fuel efficiency.
- Check Your Weight
The more weight there is in the car, the higher your fuel costs are going to be.
- Clean Your Filters
Keep the clean car ethos going and make sure to clean your dirty or clogged fair and oil filters. Get your engine serviced regularly and the more you keep that engine working at an optimal level, the less you’ll spend on fuel.
- Leave The Car at Home and Save Money on Motoring
If you don’t need to drive somewhere, then don’t. Take the bus, walk, carpool with a friend. Anything that makes you not turn that ignition on is going to help you make savings on your fuel costs.
- Small Changes Turn into Big Savings
All of the above tips are only small changes in habit but can make a big difference in your fuel bill.
The biggest change you can make is to have your engine serviced regularly, rather than leave your vehicle to bleed money until your next MOT.
Visit your local Inverness garage – IT Garage Services for regular servicing to keep your engine in tip-top shape and save money on motoring.