Finance expert Martin Lewis has issued a warning for households across the UK who could face additional energy bill hikes in October.
It comes after Ofgem lifted its price cap today due to surging gas prices, meaning households will have to pay an extra £693 a year from this April.
Speaking before the Ofgem announcement to ITV's Good Morning Britain, Mr Lewis explained how the price cap will rise in April and see millions in England, Scotland and Wales pay 54% more for their energy bills, Wales Online reports.
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Martin issued the warning to hosts Ben Shephard and Susanna Reid, stating that wholesale gas prices are seven times more expensive than they were during the same period in 2021.
He then added a further warning that the price hike could increase again by 20 per cent in October.
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"If we take an average user based on Ofgem's latest typical use, their price cap would be £1,277 a year - use more, your cap is higher, use less, your cap is lower," Mr Lewis said.
"We're expecting to see that go to somewhere between £1,900 and £2,000 on April 1 - and it doesn't stop there.
"The wholesale gas rates which are driving this and have continued to be currently seven-odd times higher than they were a year ago - means that if nothing changes, and not that many people are predicting gas prices are going to drop that much, then on October 1, we're likely to see the price cap rise AGAIN, by another 20 per cent."
Despite the bleak increase in prices, Mr Lewis stated that they could drop by April 2023 as rates fall back.
"This is a long term problem.", Martin added: "We desperately need government intervention for some of the most vulnerable in this country."
The Chancellor announced the government will cover half the £693 rise for the 'vast majority of households' in the UK following the Ofgem price cap lifting.
He will further address the issue at a press conference to be held at 5pm.
He will then appear on The Martin Lewis Money Show at 8.30pm where Mr Lewis will question the Chancellor on his and the government's proposals.
Ben Shephard asked Martin how people could seek help if they're unable to cope with their energy bill cost.
Martin replied: "If people are in desperate help, go and speak to someone like Citizens Advice or the charity National Energy Action, which has a one-on-one helpline."
