Consumer champion Martin Lewis has issued a warning to bill payers as energy prices are expected to rise even further.
In the latest episode on The Martin Lewis Money Show, the financial guru explained that he was expecting energy regulator Ofgem's price cap to rise to £1,660 per year on typical use in April 2022.
However, he added that one analyst said that the price can will rise by at least £1,7000 per year, while others predict a 40 percent rise to £1,827 per year.
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As explained in the Money Saving Expert newsletter, the next price cap is currently due to be based on the soaring wholesale prices between July 2021 and January 2022.
You can read all about the energy crisis here.
Martin said: "It’s a horrendous rise, but this is the thing you need to think about: compare it to the cheapest fix."
He added that if you stick with your current deal, you should be saving once April comes around as you'll be on a fixed tariff.
However, Martin did add that this was only his best guess now and it's impossible to know for certain what will happen without a crystal ball.
Martin said: "A year ago I would have been shouting at you, what are you on the price cap for it's way more expensive than the cheapest deals, get yourself the cheapest deals.
"But now, because the price cap only moves every six months, and it's set based on a timeline, the price cap is now the cheapest meaningful tariff you can get.
"There are no savings you can have by moving."
Since the news of the energy crisis broke, 23 firms have folded and the consumer champion has urged household to 'do nothing' as there are very little deals out there as the competition is narrowing.
He added: "Because the price cap moves every six months, and is now based on a time lag, it is now the cheapest, meaningful tariff you can get."
Addressing audience members, Martin asked: "So what would you do?" His response: "Do nothing."
