Martin Lewis issues warning over 'ugly' energy price rises on horizon

The MoneySavingExpert guru said now could be a good time to take up fixed-rate tariffs Bill-payers should act fast to shield themselves from rises in energy prices expected later this year, Martin Lewis has said. Most households will start paying less for gas and electricity in July after regulator Ofgem cut its price cap by 7%. But analysts warn this relief could be wiped out by wintertime, predicting a 12% increase in the cap when it comes up for review again in October.

However, if prices defy predictions and continue to drop further, then people on fixed-price deals may find themselves stuck paying more depending on the exit fees they face. Ofgem’s price cap has fallen significantly this year, notably with a 12% drop in April which brought it to its lowest level since early 2022. Even after the expected rise in October, the average household’s annual bill will still be around £130 less than it was before April.

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