- Ofgem's energy price cap is set to increase by £221 annually to £1,862 from July, marking a 13 per cent rise and the highest level in over two years.
- The increase was triggered by spiking oil prices caused by the ongoing US-Iran conflict.
- Money expert Martin Lewis advises that the price cap is “time-lagged”, meaning “the Middle East conflict will only finally force its way onto most people's energy bills from July”.
- Lewis said: “The rise only applies to firms' bog-standard tariffs. Fixes aren't price-capped, so won't rise. So if you're on the Price Cap, consider getting off it, if you can.”
- There are three fixed energy tariffs on the market currently recommended by Mr Lewis and his Money Saving Expert service, including Ecotricity, Outfox Energy and E.on.
IN FULL
