Martin Lewis has warned that the increase of the energy price cap will possibly be following a second spike in October.
The financial guru warned that it could be an extra 20 percent on energy bills.
This warning came before Ofgem confirmed the exact increase of 54 percent, resulting in an extra £693 per household a year on energy bills.
READ MORE- Ofgem Energy price cap to rise costing millions an extra £693 a year
Speaking on ITV's Good Morning Britain on February 3 2022, Martin warns that there is no suggesting that prices will fall after April and could in fact rise even further.
Martin said: "We are expecting to see the energy price cap go to somewhere between £1,900 and £2,000 on April 1.
"That is an enormous six hundred quid-ish rise. And it doesn't stop there.
"Because the wholesale gas rates that are driving this, and have continued to be seven odd times what they were a year ago.
"Seven times a year ago!" He reiterated.
"And if nothing changes, and people say there's nothing to suggest gas prices will fall, then we will see the price cap rise AGAIN by 20 per cent in October."
"This is a very big day for people's pockets and this is a real challenge, a prosaic, actual challenge to the way people live in this country."
The Consumer champion said: "The jury is out on whether the government will help."
Chancellor Rishi Sunak is expected to give an announcement today at 5pm to reveal the price cap and highlight what support is out there for households.
Martin warned that these extreme price rises will be 'catastrophic' for millions come April without enough help with energy bills.
He said: "Let us be in plain terms. If there is no help on April 1, it is catastrophic for six million people in fuel poverty.
"And it impacts those out of that who will face tough choices over curtailing their lifestyles as a result of this energy price rise."
