Martin Lewis has given an update on what he thinks people should do next after a huge rise in energy bills was announced on Thursday.
Around 22 million households will see their energy bills soar from April 1.
Ofgem confirmed the price cap on standard variable tariffs - which also ends up affecting fixed-rate tariffs down the line - will rise from £1,277 to £1,971 per year.
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The soaring costs are expected to push around a quarter of households into fuel poverty, the Resolution Foundation think tank has said.
Prior to the global energy crisis, customers would typically be encouraged to shop around for a cheap deal, instead of rolling on to the price cap.
But speaking on his ITV show live on Thursday, Martin Lewis explained how there is currently no fixed rate on the open market that beats the energy price cap, the Mirror reports.
He has predicted what could happen next, while saying most people should continue to "do nothing".
The Money Saving Expert founder said the price cap is expected to rise again in October with some experts anticipating another 20% increase if wholesale rates stay as they are now.
He told viewers: "I’ve done the numbers - I’ve had to make a lot of assumptions, I don’t have a crystal ball.
“If we assume that in October, the price cap stays where it is in April, you would have to find a fix that is less than 44% more expensive than where we are right now for it to be worth fixing.
“If we think it’s going to go up in October, as that line [on the graph] shows by 20%, you’d need to find a fix that is now more than 59% more than the price cap today.
“The cheapest fix right now is 68% more than the current price cap - way more than the April 1 price cap, even more than my high end scenario in October"
He then explained that "anything could happen" but there is "no market fix" right now.
Mr Lewis continued: “Maybe some existing customers in certain circumstances with high or low use might find one in these yellow lines [on the graph] but the message for most people: do nothing. Stick on the price cap. Don’t fix.”
Households that are on the price cap are default tariff customers who are on a standard variable rate (SVR) because they haven’t switched to a fixed deal.
This also applies to those who remain with their new supplier after their previous supplier exited the market - some 30 energy firms have gone under since 2021.
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