The app works in conjunction with the Ford Econo Check calculator, which logs data from all Ford cars when they are driven.
iPhone users will then be able to compare the fuel economy with potential savings based on make, model, age and annual mileage of the Ford car.
The Econo Check calculator produces an individual report advising the driver on how to improve fuel economy by changing gear changes, anticipation, acceleration and braking.
Ford predicts up to £474 per year can be saved through the Econo Check, which costs £11.99 and can be used on all Ford models.
The iPhone app also gives more general tops and allows drivers to access their data and book a report at their nearest Ford dealer.
Paul Muers, Ford customer service marketing manager, said: "This new Econo Check app will help motorists to drive more fuel efficiently. Our 2011 price of £11.99 for an Econo Check at a dealership makes the service an ideal new year resolution to pursue with fuel prices at a record high."
Ford’s Econo Check app is available free of charge from iTunes. The £11.99 Econo Check on eligible Ford vehicles includes £10 refundable against the next scheduled service.
Ford is not the only manufacturer to launch a calculator to help drivers keep fuel costs down. Recently Fiat introduced the eco:DRIVE for all Fiat models, which records and advises on eco driving.
Other manufacturers are expected to follow as fuel costs reach record breaking levels in 2011.