Money saving guru Martin Lewis updated his advice on what to do about your energy tariff as gas prices look set to rise due Russia invading Ukraine.
Wholesale gas prices rose by 40 per cent in one day due to the Russian invasion, leading to the Money Saving Expert being asked on his TV show if his 'do nothing' advice was still the best option.
Previously, Lewis had urged people to hold off on changing their providers, but has now updated his advice following the beginning of war in Europe, reports Yorkshire Live.
During his ITV show, Yorkshire Live reports that Martin Lewis was asked: "Because of the situation in Ukraine today, the price of gas has gone up by 40%. Would a fix now be advisable?"
He shrugged at first, before adding: "Look first of all this is a horrible situation in Ukraine and energy is secondary.
"But if I answer the honest question, energy prices have spiked horrendously today, if they stayed at that level then in October we'd see another 50% rise in the price cap bringing the typical bills to £3,000 a year.
"But we don't know that that spike will continue. I've said before that if you can find a cap within 60% of the current price cap (in terms of a rise), it's probably worth it.
"Back of the envelope? It's probably about 80% now if you really want peace of mind and surety. But until April we're on a cheap rate and from April we're on a cheaper rate than any fixes, so it's a gamble, I don't know and I can't tell you the right answer but within 80% wouldn't be the worst bet.
That means that if you can find a fixed rate deal that is no more than 80% of the current variable rate, it 'wouldn't be the worst bet', according to the money guru.
But the situation is fluid, and could change significantly in the coming days, depending on events in Ukraine.
Fixed rates are not subject to the price cap, so variable tariffs can be less than the price cap but they can't be more, while fixed tariffs can be much higher than the price cap. The gamble is whether the new fix you get for yourself will end up lower than the next price cap, and for how long it will remain at this price.
