TAXI INDUSTRY FUEL PRICE ANALYSIS: Prices set to fall over December and still some EV deals about

Fuel prices for both petrol and diesel are expected to fall sharply in the run up to Christmas due to a falling wholesale market.

Whilst fuel prices remain high, motorists have welcomed the latest drop in pump prices in what has been a volatile market in 2022.

In the ongoing monthly TaxiPoint Fuel Report, we use our unique formula to analyse the rapidly changing fuel cost landscape facing cabbies. In the review we look at some of the UK’s most popular cabs which includes the diesel TX4, the electric LEVC TX, and Skoda Octavia.

DIESEL

At the beginning of November, TaxiPoint reported a black pump fuel price standing at an eye watering £1.90 per litre. Thankfully for cabbies that price has begun dropping in the last fortnight of November to currently sit at £1.85 moving into December. This price ‘should fall sharply’ according to RAC sources.

PETROL

In mid-November the price gap between a litre of diesel and petrol hit a new high with diesel now almost 25p more expensive.

Despite the drop in diesel prices, that gap remains. Petrol prices currently sit at £1.61 per litre, which represents a 6p drop in the month of November.

That downward trend in price is likely to continue over December too.

ELECTRIC

This remains the biggest lottery when it comes to fuelling your vehicle. Rapid-charging is expensive, however some good deals can still be found on fast charger networks. A 22kWh charge using Source London can still represent decent value in today’s market, with a full charge coming in just shy of the £10 mark.

There are also some deals to be had for those with home chargers. Some providers can offer cheaper tariffs to EV owners if they charge their vehicles off- peak in the dead of night. If, however, you are a night driver or your house uses a lot of energy during the day it might be worth doing the calculations before changing to such tariffs.

Electric taxi vehicle owners with access to off-street charging are definitely the winners here. The 44% of people who do not have home charging facilities are the ones most affected.

Because of the wide gap between petrol and diesel, there are however still savings to be had between the TX and TX4 using just their Internal Combustion Engine (ICE).

Perry Richardson, TaxiPoint Founder, said: “A drop in price is always a good thing, but more could be done by retailers to pass on those savings.

“Costco have recently broken ranks by offering cheaper fuel. This will hopefully push supermarkets and the big fuel giants to act accordingly.

“December should see less volatility and a steady decease in the prices at the pump.”