High oil prices mean drivers of petrol cars are now spending more to run their vehicle than those who have gone electric.
Analysis by The Electric Car Scheme showed the annual cost of fuelling the typical petrol car has risen to £1,353 in 2026. This is compared with £592 for an electric vehicle (EV) driver charging at home.
The firm identified 9 June as Electric Car Day 2026, marking when the average petrol driver has spent “the equivalent on fuel” as an EV driver does running their vehicle for the whole year.
It comes as the Iran conflict has “significantly disrupted the production and transportation of energy across the Middle East”, pushing up fuel prices such as petrol, said the BBC.
The sale of new petrol and diesel cars is to be banned in the UK in 2030, amid a push towards EVs. But as well as running costs, it is also important to look at the “total cost of ownership”, said CarWow, when weighing up a petrol car against an EV.
Upfront car costs
One of the “big sticking points” with EVs compared with “polluting petrol and diesel engines” is the higher upfront costs, , said The Guardian.
However, most private buyers of new cars tend to pay on a lease or personal contract plan, said Top Gear, or through salary sacrifice.
Prices of EVs have also come down thanks to the taxpayer-backed electric car grant, said This Is Money, and zero-emission vehicle targets, which has “intensified pressure on manufacturers and their dealers to provide more discounting”.
Running costs of electric car vs. petrol
Running an EV is “extremely cheap” compared with a petrol-driven car, said Which?, especially if you can charge it at home.
Electric cars can travel up to 300 miles on one charge depending on the weather. But it is important to keep track of your journeys as public charging is “much more expensive” and you could end up spending more per mile than with a petrol car.
There are some downsides, as the higher value of EVs can mean “higher insurance premiums”, said MoneySavingExpert. Drivers also have to take repairs into account, and these “can cost more” if a specialist mechanic is required.
Drivers will still have to pay for car tax, servicing and MOTs with an EV, plus the government is planning to introduce pay-per-mile charges from April 2028 as a replacement for shrinking fuel duty revenues.
This will “narrow the gap” between electric and petrol cars when it comes to how much drivers spend on fuel, said Auto Express.
What is the verdict?
At the moment, the “choice is clearer than you might think”, said Regit. If you don’t have a home charger, a petrol car will “likely save you money and a lot of hassle”.
But if you can charge at home, leasing an EV can be the “cleverest way to drive a new vehicle”, avoid the worst of depreciation and keep your monthly running costs down.
Higher oil prices have made running an electric vehicle cheaper than a petrol car but there are other costs to consider