Martin Lewis has issued a "warning" to households across the UK questioning whether to fix their energy bills.
The financial expert stated that due to wholesale energy prices "spiking" in the past week, people who are considering fixing should do so "ASAP".
This is because wholesale energy prices have soared over the past seven days, meaning that energy providers may replace the existing prices with "costlier" ones.
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The price cap prediction for October has skyrocketed to £2,880 per year on typical use — a rise of £800.
As a result, those looking to fix their energy tariff should do it now if they want to avoid paying the impending higher costs.
Those who are on a fixed price energy tariff are locked into their unit price for gas and electricity for the duration of the plan — meaning if your supplier announces a price rise, your rates will not go up.
Taking to Twitter, he said: "WARNING: Wholesale energy prices have spiked over the last week, so it's plausible energy firms will pull the cheapest existing customer fixes & replace with costlier. If u are considering fixing, my best guess is go asap."
Lewis also shared a link to the MoneySavingExpert website, which details more information about the updated advice amid soaring costs.
As stated on the MoneySavingExpert website: "It now may be worth switching if you've been offered a fix that's no more than 35% above your current price-capped tariff, or 40% more if you very strongly value budgeting certainty."
Earlier this week, Lewis warned of 'clever' new scam that sees criminals steal your bank information.
