Top
Image Alt

The Investing Box

  /  Editor's Pick   /  Fuel prices surge to more than £1.50 per litre! How to save money on petrol

Fuel prices surge to more than £1.50 per litre! How to save money on petrol

Road trip. Father and son travelling together by car

Over the weekend, Brits saw the fuel prices surge above £1.50 per litre! This is an increase of over 3.47p per litre since the beginning of the year and a huge step up since this time last year. Unfortunately, there are no signs that this cost will go down anytime soon, which could see you spending much more on the forecourt!

To help combat the impact of rising prices, here are some ways you could save money on petrol.

[top_pitch]

Make the most of loyalty cards

It is common to have loyalty cards for your favourite supermarkets. However, many people don’t realise that petrol stations also offer loyalty schemes. Companies such as BP, Shell and Esso offer schemes that give customers the chance to make great savings!

For example, schemes such as the BPme Rewards scheme allow users to collect points that they can exchange for money off fuel. The Shell Go+ scheme takes a different approach and gives users a chance to win a prize every time they spend £20 at the pumps.

If you are a regular driver, you could make some fantastic savings over time by signing up for loyalty cards!

Check your tyres

Did you know that tyre pressure can affect how much fuel you use? Low tyre pressures increase the drag on your car, which can increase your fuel consumption. If you’ve noticed that you are having to fill up more than usual, you may want to check your tyres.

Tyres should have no less than 5mm tread depth and a pressure of between 31 and 35 PSI (for passenger cars). You can check your tyre pressure at home using a pressure gauge or take your car to your local garage.

[middle_pitch]

Avoid using the aircon

While no one likes sitting in a vehicle that is too hot or cold, using the aircon too much will eat up your fuel. When driving at lower speeds, you should opt for open windows over air conditioning. However, it’s important to note that at higher speeds, opening your windows may increase drag.

Making small adjustments to the way you drive can have a huge impact on fuel consumption and therefore the amount of fuel that you go through each month. To save on petrol, try to drive in the most fuel-efficient way possible!

Carpool

If the rising fuel prices are stretching your budget, consider sharing lifts with friends and family when you can. This way, you could split the cost of fuel between you and make great savings.

A rising number of people have started sharing lifts with colleagues to work. Alternatively, you could try merging journeys together to minimise the number of trips that you make each day.

Switch to electric

If you’re due a vehicle upgrade anytime soon, you may want to consider switching to an electric vehicle. While these cars can be more expensive to buy in the first place, electric vehicles are much cheaper to run than cars that use fossil fuels. 

Over the next ten years, electric car drivers could save over £5,000 on running costs. This saving could go up even further if fuel prices continue to rise.

The post Fuel prices surge to more than £1.50 per litre! How to save money on petrol appeared first on The Motley Fool UK.

Is this little-known company the next ‘Monster’ IPO?

Right now, this ‘screaming BUY’ stock is trading at a steep discount from its IPO price, but it looks like the sky is the limit in the years ahead.

Because this North American company is the clear leader in its field which is estimated to be worth US$261 BILLION by 2025.

The Motley Fool UK analyst team has just published a comprehensive report that shows you exactly why we believe it has so much upside potential.

But I warn you, you’ll need to act quickly, given how fast this ‘Monster IPO’ is already moving.

Click here to see how you can get a copy of this report for yourself today

More reading