Middle East oil crisis sparks fivefold price surge for petrol as EV drivers spared cost hikes

According to the research, the cost of running a typical petrol car has already jumped significantly during the current crisis.

Drivers are now paying around £14.20 per 100 kilometres, with £3.80 of that increase directly linked to rising oil prices.

By comparison, electric vehicle drivers are seeing only a modest increase. Charging costs currently sit at roughly £6.50 per 100km, with the crisis adding just 70p due to higher electricity prices linked to gas markets, the experts detailed.

T&E said this means petrol drivers are facing increases around five times higher than those with EVs, with the difference even more noticeable for businesses.

Companies running petrol fleets could see costs rise by about £89 per car each month, while electric fleets face a much smaller increase of around £16 per vehicle.

Lucien Mathieu, cars director at T&E, said: "Petrol drivers get hammered at the pump every time we face an oil shock. Electric cars are the best bet to ensure this never happens again. A Trump or an Ayatollah can control the oil taps, but they can't control the wind and the sun."

The warning comes as European ministers meet in Brussels to discuss possible changes to vehicle emissions rules under the EU's Automotive Package.

Unlike Europe, the UK has decided not to water down its Zero Emission Vehicle mandate, which would require all new car sales to be electric by 2030, with at least 33 per cent electric by this year.

However, some leaders have been pushing to relax targets on carmakers, arguing the transition to electric vehicles should be slowed.

Mr Mathieu also criticised politicians calling for a slowdown, saying: "Slowing down the transition to EVs will only prolong our dependence on oil."

The group's figures highlight just how reliant Europe remains on imported fuel. Last year alone, passenger vehicles across the continent used around one billion barrels of oil, costing an estimated £67billion.

Around eight million EVs currently on Europe's roads have cut demand for oil imports, avoiding the need for roughly 46 million barrels in 2025.

T&E explained that this equates to about £2.9billion staying within European economies instead of being spent on foreign oil.

Looking ahead, the organisation argued that strengthening, rather than weakening, emissions targets could bring major savings.

It estimates Europe could cut oil import costs by as much as £45billion over the next decade by accelerating the switch to electric vehicles.

The group has now urged ministers to stand firm on climate targets, warning that easing regulations would leave drivers exposed to future price shocks.

The report also pointed to falling EV prices as evidence that the transition away from petrol and diesel fuel types is becoming more affordable.

Separate research found that average electric car prices in the EU have dropped for the first time since 2020, as manufacturers introduce cheaper models.

T&E has also called for tougher rules on company fleets, saying stronger targets could boost the second-hand market, leading to 3.6 million additional used electric cars being available by 2035.