Experts have warned that April could see energy bills rise by an astonishing 51%
Many households have heard that wholesale gas costs will rise during winter.
The current price cap of £1,277 is reviewed twice a year and the next rise will come in a few months.
Fixed deals used to be cheaper than the price cap, however they are now more expensive, with the average £2,391.
Martin Lewis has now explained whether you should fix or not your electric and gas bill.
His weekly writing Money Saving ExpertNewsletter, he shared the best of his tips.
He stated that: “After number-crunching, for most, it’s still a ‘no’, but for the first time in many months fixing may be worth it for a few.
“Consider a fix that is less than 40% more expensive than your current price-capped tariff.”
Most fixed deals available around 56% more than the cap, so fixing is unlikely to be worth it.
However some deals offered to existing customers of energy firms could be better than those available.
Martin suggests that if you are offered one, take the numbers and see how much it increases.
However, there is a chance that prices could drop and that you might be locked in to a deal that costs more if you don’t act now.
He stated: “It looks like most people should do nothing, it looks like only a few edge cases should be looking at fixing right now.
“So if in doubt, just stick on today’s cheapest price – which is the cap. The 40% figure is just a guess. It’s not definitive.”
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