Falling fuel costs save UK consumers £5.3bn
Thursday 29th January, 2015
Lower fuel prices will save motorists £143 a year on average – a total of £5.3bn across all UK drivers according to analysis by financial services company Hargreaves Lansdown.
The saving is equivalent to a 1.3p drop in the rate of income tax and represents a much greater saving than the £0.5bn UK consumers will see from reduced energy prices.
The analysis is based on an average annual mileage of 5671 miles, however there are regional variations in fuel prices and average mileages. Londoners, for example, tend to cover the fewer miles annually and so will see the least benefit – around £36.
However higher mileage drivers stand to make larger savings. Based on 10,000 miles a year and official figures, owners of the current Volkswagen Golf 1.2 TSI owner will save £197.
