Energy bills will rise an average of £693 in April when the price cap jumps by 54 percent, but some people could be paying more.
A record rise in global gas prices in recent months drove energy regulator Ofgem to set a summer price cap of £1,971 for a typical household on a standard tariff, and £2,017 for customers on prepayment meters.
It will raise the price cap again for the winter period starting in October, reflecting energy prices in the next few months
READ MORE: Money Saving Expert Martin Lewis issues three energy bills tips
Oil prices hit a 14-year-high this week amid talk by the US and some European states of a ban on Russian oil imports.
This, on top of higher food prices and a National Insurance hike, is causing concern for households facing a rising cost of living.
On his ITV Martin Lewis Money Show, the Money Saving Expert warned people could end up forking out even more than the price cap.
He explained it's a cap on the unit price of, not on bill prices overall, Birmingham Live reports.
Following his ITV show, The Money Saving Expert fielded questions from This Morning viewers and told hosts Holly Willoughby and Phillip Schofield: "What you hear talked about is the typical usage of what someone would pay, but if you use more, you pay more, if you use less you pay less.
"There is no absolute cap on the total amount of energy that you can pay for.
"If you have a huge house and you're using enormous amounts you can pay £10,000 or £20,000 a year.
"It's a cap on the unit cost, and it actually varies regionally and the numbers that you will have heard [on the price cap], are just for someone on typical usage. It's the unit rates that are going up and [the price cap] is just an easy way to explain it."
