Santa spends £310 million on fuel delivering Christmas presents, study says

It's officially Christmas Eve, with Santa Claus in position on trackers across the world ready to deliver presents.

Ahead of the big day, one company delved into how much the hypothetical travel plans of 75,500,000 miles would cost.

The research looked at how much it would cost Santa to drive based on a car with a 1.4L engine using 168 miles per gallon and the current cost of fuel, which on average is 152.4p per litre in the UK.

Saxo estimated the fuel expense would total a staggering £310,941,357 this Christmas. Ten years from now, with an average inflation rate of 3.56 per cent, it would cost £623,310,923.

Meanwhile, in 2013, it would have cost £267,278,988 when fuel cost 131p per litre according to Gov.uk.

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"As the cost of living continues to hit people across the country, everyone’s disposable income is stretched further, even Santa's," a spokesperson from investment platform Saxo said.

"Our research shows that it would cost Santa Claus over £310 million to travel the world and deliver all his toys on Christmas Eve based on the current cost of petrol, which remains high due to a number of factors around the world.

"From our research, if the current inflation rate continues, petrol prices could rise to 305.5p per litre in just ten years, meaning it could cost Santa over £623 million to make the same trip in 2033.

"The Bank of England's recent hold on interest rates at 5.25% marked the third time in a row the rate remains unchanged at a 15-year high. While things may get more expensive, incomes don’t necessarily rise in line with inflation, particularly at this time with wages have stagnated across the UK and the effect of inflation continues to affect everyday goods, purchases and services."

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