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Petrol and diesel car drivers are experiencing rising fuel prices, while EV drivers are seeing their costs fall.

The UK’s latest inflation figures published by the Office of National Statistics (ONS) on October 18th revealed that the rate of inflation for September remained at 6.7%, the same as in August. Behind the number, analysis revealed that while food prices saw their first monthly fall in two years, fuel prices rose sharply.

The average price of diesel rocketed by more than 8p a litre in September and petrol by 4.5p on the back of global oil production cuts, which drove the cost of a barrel of oil close to $100, according to data from RAC Fuel Watch. 

The increases mean it now costs nearly £90 to fill up a 55-litre family diesel car – around £4 more in a month, and the highest cost since April – and more than £86 for a similar petrol car, an increase of over £2 in September and the highest cost since December 2022.

Conversely, energy prices, including electricity, fell from October 1st as regulator Ofgem cut its price cap again to reflect a further fall in wholesale power and gas prices. The cut of about 7% was forecast to save households an average of £151 compared with the previous quarter, according to the regulator. For EV drivers, charging their cars through a home charger, savings could be greater subject to their EV mileage. It is also worth noting that people with a home charger and using an overnight electricity tariff, can make significant savings on daytime charging rates.

Looking ahead, the rise in the production costs of oil, which were behind September’s diesel and petrol price rises are now being replaced by concerns centred upon the ongoing position in the Middle East. The net result is that oil prices are very volatile and as such further price rises are possible. 


Debbie McKay, Commercial Director of Motor Sales


Commercial Director of Motor Sales, Debbie McKay, explores the impact of rising fuel costs. 

Petrol and diesel prices rising while electricity costs fall

While the ban on new petrol and diesel car sales has been moved back to 2035, the trajectory for new Battery Electric Vehicle (BEV) sales remains upward. Inevitably, the trend for used BEV sales will follow in the months ahead.

We recognise that change brings challenges and concerns, which is to be expected. A vital role for all of us is to encourage debate with customers and address concerns and what sometimes are myths.

Based on solid evidence, here are some potential myths busted;



Multi-storey car parks are not built for the weight of EVs

Multi-storey car parks, like roads and bridges, are built to withstand much greater loads than even the heaviest EV. On average, an EV weighs 200-300kg more than a petrol car because of the weight of the battery and electric motors. However, a large petrol or diesel car weighs more than an average-sized EV.



Battery Life is a problem for used car buyers

The Vehicle Remarketing Association (VRA)  published a white paper on this very issue in October. It had the VRA chair, Philip, reflecting that concerns “are largely unfounded.”

While some older EVs, such as the early Nissan Leafs, did not have thermal management systems, which impacted battery degradation, newer technologies, such as batteries from mid-2010 Teslas, show degradation of less than 10% after 160,000 miles.

We must recognise that a petrol or diesel car at 160,000 miles is not in the first flush of youth either. 



The EV car production process is not environmentally friendly

Making an EV does require more energy than producing an ICE car. However, on average, an EV’s pollution ‘debt’ is settled after about 22 months.

Most of a vehicle’s emissions occur during the portion of its life when it is driven. And electric vehicles deliver a benefit no ICE-powered car can. Over its lifetime, the average electric vehicle produces less than half the carbon pollution of an ICE-powered vehicle.



The cost of many used BEVs has fallen, as we all know, and now, some BEVs are cheaper than ICE equivalents.

There is a case for the government to replicate the positive effect tax incentives have had on new BEVs for used BEVs.

And then there are lifetime savings; for example, based on common charging behaviours (in which the majority of charging is done at home - almost 80% of EV drivers regularly charge at night when tariffs offering much cheaper electricity rates are readily available), the ECIU has found that the popular electric Renault Zoe is 2.8 times cheaper to fuel than its petrol equivalent, the Renault Clio. Based on an 8,000 annual mileage, the driver of the Zoe could expect to save over £730 a year in fuel costs.



Chris Rowthorn, Director of Motor Sales Operations

While the trajectory for BEV sales remains upward, we're debunking the common myths that come with them.

Battery Electric Vehicle (BEV) myth busting

Every year, our Account Managers undergo Specialist Automotive Finance (SAF) training to ensure that their knowledge always remains at a high-level industry standard, equipping them with the right tools to best support our dealer and broker partners. Whether it’s introducing new products, supporting regulatory change or helping drive business growth, our Account Managers are always striving to help deliver good customer outcomes and add value throughout the automotive industry. 

SAF Expert training provides our Account Managers with an intermediate level of knowledge of multiple motor finance products used by customers to buy or lease vehicles. It covers the key FCA principles and rules for the sale of motor finance and key regulations such as unfair trading and anti-money laundering. 

In addition to the SAF Expert, we’ve invested in our Account Managers to help them upskill and provide them with a professional qualification specifically covering motor finance. The Level 3 Certificate in Automotive Finance (CertAutoFS) is awarded by The London Institute of Banking & Finance and has been developed by the FLA in partnership with The Institute to gain formal recognition of motor finance knowledge.

Through extensive training, revision and a final exam, we’re proud to say that all of our sales teams are now CertAutoFS qualified!


Head of Field Sales, Richard Irving, notes:

“SAF Advanced puts the motor finance industry’s training on an equal footing with the professional courses required in other markets. All MotoNovo Sales teams are SAF Advanced accredited which means our dealer partners are working with experts in their knowledge of motor finance, including how finance can be managed to deliver the best customer outcomes and retain customers.”



Hitting the road with their knowledge, hear from some of our Account Managers…


“The SAF Advanced qualification provides a comprehensive and in-depth understanding of finance which enables us to have more meaningful conversations with peers and distributors. The training requires a great deal of discipline and dedication to complete the necessary revisions, showcasing the commitment of our AMs to support our dealer partners. With industry-wide SAF accreditation becoming mandatory in January 2025, this qualification offers an extra layer of assurance that our dealer network is aware of the additional qualifications and expertise of our team.”

“Having the SAF advanced qualification gives MotoNovo staff that broader knowledge of compliance and deeper awareness of CONC rules. This enables us to pass this knowledge on to our dealers to give them a better understanding of our products and vulnerable customers, providing a more valuable service for their business.”



Interested in becoming a MotoNovo dealer? 

Interested in becoming a MotoNovo dealer? Get in touch with one of our local Account Managers today.

Through extensive revision and exams, we’re proud to announce that our entire sales team have completed their SAF Advanced training and are now CertAutoFS qualified! Find out more. 


News - October 2023

Petrol and diesel prices rising while electricity costs fall

Battery Electric Vehicle (BEV) myth busting

Levelling up our Account Managers

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