The money expert has given advice as petrol prices rise
Since the conflict in the Middle East began on February 28, the price of petrol and diesel has increased significantly across the UK. The cost of petrol has risen by 10p per litre whilst diesel increased by 20p per litre.
As the war between the US and Iran continues, it is unlikely that the price of fuel will drop according to money expert Martin Lewis who has shared five tips on how to cut the cost of petrol and diesel.
Martin Lewis said: “Nothing we face compares with the threat to life of those directly affected by warfare in the Middle East, but people in the UK are still impacted.
“The oil price is up 35% since the conflict started at the end of Feb, flowing not just into obvious costs – petrol, diesel, heating oil – but also most goods we buy, as they need transporting, cooling, storing and more.”
Here’s how you can cut the cost according to the expert. For the biggest stories in Wales first sign up to our daily newsletter here
1. Find the cheapest filling station near you
Fuel prices can vary hugely even within a small area, eg in Newbury, within just five miles, prices range from £1.42 to £1.72 per litre. Use the site PetrolPrices.com to find the cheapest near you.
The UK Government also recently announced the Fuel Finder service that means forecourts now have to feed their prices into systems such as PetrolPrices.com.
2. Get paid to pay for your fuel
Many people spend £1,000s a year filling up their cars but Martin Lewis has advised that you can earn money back from your fuel payments with top cashback cards.
The expert’s top pick (credit card) is the Lloyd’s Ultra credit card for those who have a decent credit score. The card is fee-free and pays 1% cashback on all spending – so £1 back per £100 spent – including fuel (though it can be beaten by Amex for higher spenders).
However Mr Lewis warns to only do this if you always pay the card off in full each month, preferably by Direct Debit, so there’s no 12.9% rep APR interest, or that costs far more than the gain. Also don’t withdraw cash on it or bust the credit limit.
Another recommended cashback card is the “easy to get” debit card that has 4.5% savings interest. If you don’t want a credit card, or doubt you’ll pass the credit score, the free app-only Chase* bank account’s debit card pays 1% cashback up to £15/mth, usually within days, but only on petrol, diesel, (non-household) EV charging, grocery and domestic transport spending.
3. Don’t speed
The faster you accelerate, the more fuel you use. The more you brake, the more you burn off the acceleration you paid to generate. Being aware of your road position so you can safely speed up and safely slow down more gently, and shifting up gears sooner, can all have a dramatic effect on fuel efficiency, said the money expert.
4. Keep the car light
Removing roof racks, keeping tyres at the right pressure and clearing clutter from your car’s boot (or elsewhere) can help reduce fuel consumption. It can have a bigger impact than you might think, especially combined with driving more efficiently.
5. Got a Costco nearby?
The giant wholesaler, Costco, is often very cheap for fuel, coming cheapest on PetrolPrices.com in most areas it has a forecourt. So if you live near it, qualify for membership (£42/yr).
