Electric car owners could save hundreds of pounds a year when charging at home as drivers adapt to new savings, while petrol and diesel prices soar.
The UK's energy regulator Ofgem confirmed that between April 1 and June 30, the price cap would be set at £1,641, a 6.6 per cent drop compared to the previous three months.
The Standard Variable Tariff for electricity will drop to 24.67p/kWh, meaning electric car drivers who charge at home can make massive savings compared to other road users.
This comes at a critical time when global oil costs are soaring, and petrol and diesel drivers are facing some of the highest fuel costs seen in more than three years.
With the new Standard Variable Tariff, electric vehicle drivers could travel up to 160 miles for just £10 when charging at home.
However, further savings are available with smart energy tariffs, including the Intelligent Octopus Go, where they can charge for the equivalent of 2p per mile.
With the Octopus Energy EV-friendly tariff and a suitable home charger, including the Ohme Home Pro, drivers can travel up to 500 miles for £10.
In comparison, a typical petrol car would travel just 60 miles when filling their tank with £10 worth of fuel, with this gap potentially widening as the conflict in the Middle East rages on.
Electric car owners could spend just £10 for 500 miles of range, while petrol and diesel prices soar
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The latest research from RAC Fuel Watch shows that drivers are paying an average of 154.45p for petrol and 185.23p for diesel, with the organisation forecasting that prices will rise further.
David Watson, CEO of Ohme, said: "Charging an EV with Ohme on a smart energy tariff at home will always be the most affordable place for drivers to charge their vehicles.
"And at a time when petrol prices are becoming increasingly volatile, there’s never been a better time to drive an EV - after all, who wouldn’t want to be able to do 500 miles for just £10?"
Through the new Standard Variable Tariff, drivers could travel from London to Tenby in South Wales and back for just £10.
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Ohme has emphasised the benefits of charging at home, compared to filling up with petrol
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Similarly, motorists could head from the English capital to the Scottish capital of Edinburgh for the same price.
Other energy providers are taking steps to help electric car drivers deal with uncertainty around energy prices while fuel costs soar.
E.ON confirmed that it would reprice its EV tariffs to offer customers cheap off-peak and day rates when charging their cars at home.
Using the brand's Next Drive Smart tariff, drivers could save £117 per year compared to charging on the energy price cap.
Drivers can make huge savings when charging their electric vehicles at home
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The new rates will see motorists pay 8.5 per kilowatt hour during off-peak hours (12am to 6am) and 30.87p/kWh during the daytime (6am to 12am).
Drivers using the Next Drive Fixed tariff can save £59 with new off-peak (9.5p/kWh) and day (32.37p/kWh) rates.
Any new customers to the Next Drive Smart or Next Drive Fixed tariffs will also benefit from a one-year subscription to Zoom EV, allowing them to gain access to public charging and parking discounts.