Drivers wasting money in an attempt to find cheaper fuel

Several drivers in the UK are wasting money in an attempt to make savings on fuel, according to research by MoneySuperMarket.

The firm's Focus on Fuel report revealed nearly two-fifths of all motorists (38 per cent) drive further to save just 1p per litre when filling up at the pump and are collectively wasting almost £500 million. 

Overall £193 million is wasted in petrol, while £273 million is lost in diesel, equating to UK £8 and £21.30 a month respectively.

Consumer finance expert at MoneySuperMarket Clare Francis said: "It's no surprise cash strapped motorists are seeking out cheaper petrol prices. The cost of fuel accounts for a huge proportion of household outgoings and with prices on the up many drivers are  doing all they can to spend as little as possible running their vehicle."

People are doing their best to generate savings on fuel, which is so important considering just how much is spent on it each month, especially by those who need a car to get to and from work.

Price was labelled as the biggest influence (84 per cent) when individuals are deciding where to buy fuel, while convenience also ranked highly (83 per cent).

Loyalty initiatives are valued by many consumers, with more than half (56 per cent) stating the retailer's participation in a scheme influences their purchasing decision.

Interestingly, the tipping point at which driving extra miles means motorists are wasting money was identified by the study. Driving more than two miles for a 1p per litre saving makes this journey pointless. 

However, going just one extra mile to pay 5p per litre less on fuel will open up a saving of £2.29 when filling a 50 litre tank, which would certainly help families struggling to make ends meet.

Finding cheaper fuel is a good way of cutting costs but there are other methods people should consider, such as the way they drive and how they look after their vehicle. The report found 85 per cent of motorists have adopted measures to curb their fuel usage, such as avoiding harsh braking (58 per cent), not rapidly accelerating (48 per cent) and driving at a slow pace (44 per cent). 

Maintaining tyre pressure is also crucial to good fuel economy and six in ten individuals are following this guidance.