Plus the tools to help you find the cheapest petrol station near you.
Prices at the pumps recently hit the highest levels since 2013, with the average price last week 134.7p per litre – and going as high as 163.5p per litre in some parts of the UK.
And prices can vary massively even a short distance of each other. My closest pumps right now are actually the cheapest at 129p per litre, but a mile in the other direction and it’s an extra 8p per litre.
So it goes without saying that saving money on petrol is a good thing. Or at least it should.
I’ve wondered for ages just how much difference a few pennies per litre makes to my wallet. Is it really worth spending the time tracking down the cheapest petrol stations and going out of your way to fill up there?
The cost of filling up our car
We have a Ford Fiesta, which according to the book has a fuel tank capacity of 42 litres. On current average prices it’d cost a huge £55.86 if the tank was completely empty (though of course it rarely is).
Every penny difference in the price of a litre adds up to 42p per full tank. So a difference of 5p per litre on a full take would be £2.10. It’s not a huge amount, but do this every week and it’s more than £109 saved in a year.
|Difference in price||Per tank||Per year (fill up once a week)|
The cost of going out of your way
If it’s an easy choice to find cheaper pumps then it makes sense to go to that petrol station. But what if your nearest one is more expensive and you have to go out of your way to find cheaper fuel?
Let’s assume the cheapest pumps are 2.5miles away, but not on a route you’d normally take.
A quick google and I got a figure of 47 miles per gallon for the average “real” MPG (Miles Per Gallon) for our car. Let’s assume that’s right.
So to go 2.5 miles it’d cost 32p in petrol (based on 133p). But if this is out of the way, let’s say it’s really an extra 5 miles as we’d need to come back on ourselves. So that’s 64p for the journey.
Well that cost would mean if we’re only saving 1p per litre, travelling those 5 miles would actually cost more money (and that’s not taking into account the time it takes). More than 2p saved and it does bring savings on this particular example.
Watch me talk about petrol prices on Shop Smart Save Money in June 2018
When it is worth going to a cheaper petrol station
Of course the actual saving you can make does depend on a few factors.
First if the cheaper station is on your way then the using it is a no brainer. And if you’re a regular on the same route you’ll get to know what stations are where and how they compare.
Though the distance you need to travel reduces savings, if you’re out in the sticks then you will likely pay more locally so it could even be worth driving well out of your way to fill up.
It also depends on both your miles per gallon and total fuel consumption. But ultimately the more petrol you use, the more money you’ll save. Even very small savings each time you get petrol can make a big difference over a year.
How much will your car cost to fill up?
If you want to work out the difference a penny at the pumps makes, it helps to know the size of your fuel tank. Here are the average figures, and some example prices to fill a tank from empty.
Small car – 40 litres
£1.30 per litre is £52 to fill up
Medium car – 55 litres
£1.30 per litre = £71.50 to fill up
Large car – 65 litres
£1.30 per litre = £84.50 to fill up
You can use the BBC fuel price calculator to work out exactly how much it’s cost. You’ll also see a comparison to the rest of the UK and selected other countries for what you pay.
Another useful tool is the fuel economy calculator. This calculator can work out a journey cost, how much fuel you’ll need for a journey and the real-life MPG.
How to spend less on petrol
Check out this article with more on the ways to reduce how much petrol you use and how to find the cheapest pumps near you