Martin Lewis has issued new advice for those asking if they should stick on the price cap or fix now on their energy tariff after Ofgem announced a 54% increase.
The energy regulator announced the new energy bill price cap will rise by 54 percent from April 1.
It means energy prices will rise by £693 a year for millions of households after regulator Ofgem hiked the price cap on bills to £1,971.
On Thursday, February 3, the Money Saving Expert said "anything can happen" but customers should not fix their rate.
"Do nothing. Stick on the price cap. Don't fix," he said on The Martin Lewis Money Show.
Here are the average price cap unit rates and standing charges for gas and electricity if you're paying by Direct Debit (do note they vary by region)… #MartinLewis pic.twitter.com/W3PSr3D3H9
— Martin Lewis (@MartinSLewis) February 3, 2022
In an interview with Chancellor Rishi Sunak, Martin asked: "What if winter lasts a lot longer than you think? What if, God forbid, the Russia and Ukraine war put gas prices up?"
Mr Sunak said: "I don't have a crystal ball and this is something we are going to have to adjust to over time. What we can do is slow the pace over time."
Martin added: "It think it's fair to say the Chancellor is gambling that the energy prices will drop in a year's time."
The Martin Lewis Money Show Live airs on ITV at 8.30pm on Thursdays.
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