Drivers start 2023 facing a rolling hike in price increases, inside the car and out – from the sky-high costs of learning to drive for young people to the increasing cost of insurance for the older drivers, not to mention new emission charges for older cars. And the costs come as drivers are facing rising economic pressure outside of the car, with food going up, mortgage rates soaring, and a recession likely, according to Bryn Brooker, head of road safety for Nextbase.
The largest price rollercoaster for drivers in recent years has been fuel. Prices peaked at 191p in July as the world struggled to respond to the war in Europe. They have now come off that peak and sit at around 156p – well above where it was before the war.
While this is encouraging continued instability could soon send petrol prices spiralling again – and then there’s fuel duty. Back in November the Office of Budget Responsibility forecast a hike in fuel duty worth 12p a litre in the March Budget, the first hike since 2011.
