Martin Lewis has offered his advice on switching energy tariffs to a fixed rate in the wake of a 40% rise in gas prices triggered by Russia invading Ukraine.
Martin, who has advised people to stick to variable energy rates instead of moving to fixed tariffs while energy prices are high, was asked if that is still the best advice amid fears that gas will keep getting more expensive during the Ukraine and Russia conflict.
Usually, if wholesale prices are high, signing up to a fixed deal means customers risk being pegged to a higher rate even if prices do drop.
Read more: Live updates as Russia invades Ukraine
But the conflict in Ukraine will lead to more uncertainty and potentially even higher gas prices, which may make switching to a fixed-rate deal now a better idea in the long term. But, as Martin explains, it's a gamble, reports Examiner Live.
Speaking on the Martin Lewis Money Show, he 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 replied: "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."
Martin said it is not known if that spike will continue, but if customers can find a fix within 60% of the current price cap, it's probably worth it.
He added: "It's probably about 80% now if you really one 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."
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