Fuel prices continue to hit a record high as the cost of petrol and diesel is rising rapidly. The average cost of petrol now stands at 165 pence; however, that figure is set to increase further if little intervention is implemented to stop the rise.
Russia’s invasion of Ukraine has provided a catalyst in seeing oil prices rise. This has led to higher wholesale costs for fuel retailers, which have filtered down to the consumers, who are now feeling the price hikes as they fill up at the petrol forecourts.
UK households are already going to feel the pinch in their pockets when energy prices increase this April, so as petrol prices increase, is there any hope of things getting better?
Unfortunately, if we don’t see the improvement in the political stability of Russia’s war against Ukraine, then we will continue to see oil prices rise, in the short term at least.
However, some minor changes may save you those well-needed pennies and even pounds on your petrol bill.
1. Goodbye, Winter. Hello Spring
Feel that spring in your step as we see us heading into the warmer months. Spring means more daylight hours and better weather (we hope!).
This means that engines won’t need to work as hard as you won’t need to use your headlights, windscreen wipers and heaters as much.
2. Stop Being a Petrol Station Brand Snob
It has been reported by Which, that supermarkets offer slightly lower prices on fuel than other petrol station forecourts.
People opt to buy petrol from bigger brands like Shell or BP because they feel they are getting a better quality of petrol.
However, contrary to popular belief, it does provide a small benefit. Still, both the supermarket and the branded petrol come from the same refineries, so there is very little difference.
Shop frugally at the supermarket and look at ways to make savings on yourmonthly food budget.
3. Take Advantage of Loyalty Schemes, Discounts and Rewards
There is plenty of loyalty to petrol stations’ schemes to entice you into buying from them.
- Shell offer Shell Go+.
- BP offer the BPme
- Texaco has the StarRewards
- Esso Nectar collects Nectar Points
Also, don’t forget the supermarkets. They offer in-store discounts and loyalty reward points to help you potentially save money on your fuel.
Remember to keep your Tesco Clubcard handy and the Nectar Card when spending at Tesco and Sainsburys.
Also, look out for offers from supermarkets like Morrisons, which provide you with money off the litre of fuel when you spend a certain amount in store.
4. Find the Cheapest Petrol Prices
Sign up for the PetrolPrices app, which allows you to check the best fuel prices in your local area. You obviously, need to be careful you are not driving miles to find the cheapest as you will be wasting the same amount of fuel travelling there and back.
However, if you can pre-plan your petrol buying and check the app in advance, this could save you considerable money.
5. Use Cashback Credit and Debit Cards
Cashback saving cards are always an excellent way to save money on your purchases.
American Express Platinum Cashback Everyday card gives customers 5% cash back on purchases for the first three months and then 1% after.
Santander All in One Credit Card offer 0.5% cashback on all purchases, but 15% cashback on Retailers offers.
Also, the US bank Chase current account comes with a debit card which lets you earn 1% cashback on everyday purchases for a year, including petrol.
However, be cautious when spending on credit cards by controlling your spending and paying back your credit card on time.
Find out more if you need help with credit card debt.
Find out more if you need help with debt card debt.
6. Do a Car Examination
No, we are not asking you to do your driving test again! However, did you know that incorrect tyre pressure is unsafe and costs you fuel? So, it is essential to keep those tyres pumped up so that your car drives efficiently.
Also, most of us might have the ‘kitchen sink’ loaded into our boot, but a heavier car means that more fuel is being used to move it around, so get decluttered and free up that space.
Are you already feeling your purse strings tighten as petrol prices increase? If you think you are getting into debt because of the petrol price crisis or just the rise in living costs, then look at some of the debt help options available to you and make those well need financial changes.