Interest in EV leasing rises 36% as drivers seek relief from rising fuel costs

Soaring fuel prices are pushing UK drivers towards electric. Octopus Electric Vehicles has seen EV leasing enquiries jump 36% since the start of the conflict in the Middle East.

With global oil and gas markets in flux, petrol prices have climbed to £1.48 per litre and diesel to £1.73 per litre – some of the highest levels seen in over a year.

The rise at the pumps is prompting drivers to rethink their reliance on fossil fuels, swapping volatile fuel costs for the stability and savings of electric miles. 

Unlike petrol and diesel, electricity can offer stable, predictable costs, especially when paired with renewable energy or fixed tariffs.

On Octopus’s Intelligent Octopus Go EV tariff, drivers can save hundreds of pounds a year compared to running a petrol or diesel vehicle, thanks to smart charging at greener, cheaper times.

The surge in EV interest also reflects a broader change in consumer behaviour, says Octopus. Electric vehicles now make up around one in four new car sales in the UK, and that share is rising. 

As energy markets remain volatile, Octopus expects demand for EVs to keep growing, helping drivers protect themselves from unpredictable fuel costs and take control of their energy use.

“Drivers are feeling the pinch every time they fill up their tank,” said Gurjeet Grewal, chief executive of Octopus Electric Vehicles. “We’re seeing a real shift – people want certainty over their bills. Leasing an electric car gives drivers a simple, affordable way to break free from unpredictable fuel prices.”

Meanwhile, Octopus Electric Vehicles’ sister company Octopus Energy reported a 27% jump in solar enquiries in the early days of the conflict in the Middle East, as homeowners look to take control of their energy bills.