Martin Lewis issues warning amid 'catastrophic' energy price rises
21 September 2021, 12:13
Martin Lewis has issued a warning to those whose fixed deal tariffs are coming to an end this week.
Martin Lewis has issued a warning to thousands of households amid a surge in the cost of energy prices.
There has been a 250 per cent increase in wholesale gas prices, which has led to the collapse of four energy companies, and will have a knock-on effect on the prices for consumers. Speaking about the price increases, Martin Lewis previously told PA: "The situation is catastrophic, in a way we have never seen before."
As reported by the Mirror, Martin has told followers of Money Saving Expert that anyone coming off cheap fixed deals in the near future could be subject to a 40 per cent increase in their cost.
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Martin said: "Energy bills have risen to an unprecedented level.
"We've never seen anything like what's happening right now.
"Wholesale prices - those energy firms pay - have gone up by four times compared to nearly 20 months ago and that's going to feed into domestic prices."
Sharing advice, he added: "So this isn't a video, I'm afraid, about cutting your bills and making them lower. This is about damage limitation - how do you stop a huge increase?"
He went on to say that those who are reaching the end of their tariff have two options to minimise their bills:
- Don't do anything: You could stick with the price cap for six months, as prices may fall next year
- Act fast: You could lock in the cheapest one of two year fixed deals now. You'll have to act quickly, though, as gas prices are rising every day. Martin said: "You have to look at the whole market. Check all comparison websites but watch out as these often focus on commercial partnership deals."