Cian Ó Broin's article in the Irish Independent, titled "Fuel for electric vehicles is less than half the yearly cost of a diesel equivalent, new AA data reveals," discusses the cost benefits of electric vehicles (EVs) compared to diesel vehicles. Here's a review of the key points:
Highlights of the Article:
- Reduction in Fueling Costs for EVs: The average EV driver now pays approximately €978 per year to fuel their vehicle, a decrease from €1,017 the previous month. This cost is significantly lower compared to the €2,154 yearly cost for a similarly sized diesel vehicle covering the same distance of 17,000km per year.
- Drop in Petrol and Diesel Prices: The article notes a slight decrease in petrol and diesel prices, with petrol falling from €1.83 to €1.80 per litre and diesel dropping by 3 cents per litre from October to November.
- Context of Fuel Price Fluctuations: Blake Boland, Head of Communications at AA Ireland, comments on the recent trend of falling fuel prices following dramatic rises earlier in the year, and the unlikely scenario of prices hitting €2.00 per litre.
- Government’s Role in Excise Duty: The government delayed the restoration of excise duty, which was due last month, to 2024. This action has contributed to the moderation of fuel prices.
- Crude Oil Price Movements: The price of crude oil decreased from highs of $94 per barrel in September to around $81 per barrel in November.
- Impact of Carbon Tax: The increase in Carbon Tax added nearly 3 cents per litre to fuel prices, preventing a further drop in prices.
- Market Uncertainties: Boland highlights ongoing unrest in the Middle East as a factor contributing to market unease and uncertainty about future fuel price stability.
- EV Charging Costs and Strategies: The cost of charging an EV has also dropped slightly in November. Despite elevated electricity prices since the Ukraine war began in 2022, there were significant price reductions in October and November. Boland advises EV drivers to utilize cheap night rates to further reduce their annual fuel bill, potentially as low as €300 per year.
This article provides valuable insights into the evolving dynamics of fuel costs for EVs compared to traditional diesel vehicles, underscoring the potential savings associated with EV ownership.
Read the full article here: Fuel for electric vehicles is less than half the yearly cost of a diesel equivalent, new AA data reveals
