Rising petrol and diesel prices, driven by the Middle East conflict and increasing concerns over a supply crisis in Australia, have coincided with a decline in the cost of charging electric vehicles at highway fast-charging sites.

Prices at many Tesla Superchargers, which previously averaged above AUD 0.60 (US$ 0.40) per kWh, are now averaging just above AUD 0.50 per kWh, depending on location. In some instances, prices fall further during off-peak periods.

Nigel Reynard, who operates a fleet of Tesla EVs for a limousine service in the Northern Rivers region, stated that pricing at his nearest supercharger in Knockrow peaked at AUD 0.70 per kWh in December 2023. It has since declined to AUD 0.52 per kWh, with off-peak rates reaching AUD 0.45 per kWh.

Until recently, the cost of using highway fast-chargers was broadly comparable to refuelling a petrol or diesel vehicle, particularly when fuel prices were around AUD 1.50 per litre and fast-charging costs ranged between AUD 0.70 and AUD 0.80 per kWh.

However, the doubling of diesel prices to approximately AUD 3 per litre, and in some cases higher, has altered this comparison. According to a social media post by energy expert Simon Holmes a Court, an average petrol or diesel vehicle consumes 7.3 litres per 100 km, equating to approximately 13.6 km per litre.

By comparison, the average electric vehicle consumes 15.6 kWh per 100 km, requiring around 2.13 kWh to cover the same 13.6 km. At a charging cost of just over AUD 0.50 per kWh, this translates to approximately AUD 1.05. At AUD 0.80 per kWh, the cost rises to around AUD 1.70. Charging at home reduces this to roughly AUD 0.80 when drawing from the grid, or effectively zero when using rooftop solar, aside from foregone export earnings.

Holmes a Court also outlined the cost difference between driving an electric vehicle and an internal combustion engine (ICE) vehicle over the same distance. The cost of operating an EV is estimated to be slightly more than one-tenth that of an ICE vehicle when factoring in a combination of home, grid, and fast charging.

Several factors, including lower running costs, increasing price parity between EVs and ICE vehicles, and the availability of models with drive-away prices in the mid-AUD 30,000 range, are influencing EV adoption.

Various sources indicate that online searches for EVs, insurance enquiries, and second-hand EV sales have more than doubled. Some EV showrooms have reportedly been cleared of stock, with certain households purchasing multiple EVs amid concerns over sustained fuel price increases or potential fuel rationing.