Martin Lewis Warns of Rising Energy Bills Amid Iran Conflict
Martin Lewis, a renowned money expert, is urging energy customers to take action now as energy bills are set to soar due to the escalating tensions in the Middle East, particularly the conflict involving Iran. With prices already on the rise and expected to increase further, Lewis emphasizes the urgency of the situation.
In a Twitter post, Lewis advised his followers not to delay if they plan to fix their energy bills. He stated, 'Don't dawdle if you're planning to fix, as energy firms are adjusting prices upwards today and tomorrow due to the Iran situation.'
Currently, customers can secure energy fixes at 14% less than the price cap, but Lewis warns that this offer won't last. He added, 'The cheapest fixes are still 14% under the Price Cap, but I doubt this will continue for long. Prices may rebound, but in the short term, they're expected to rise.'
The conflict in Iran has led to a significant spike in gas prices, which is a primary driver of UK electricity prices. Lewis explained, 'The gas price spike is substantial compared to the last six months, but it's not as dramatic as the Ukraine war. In the short term, this will primarily impact new fixed-rate energy tariffs, pushing their prices higher.'
Additionally, Lewis highlighted the rising cost of domestic heating oil as another immediate concern. He mentioned, 'The cost of domestic heating oil has increased sharply, which is a separate issue affecting energy bills.'
Lewis also provided practical advice for those looking to secure energy fixes. He suggested, 'You can still find cheap fixes at around 14% less than the current Price Cap, saving you money and offering peace of mind. These deals are available before the weekend, but many firms are reassessing their prices, so act now to avoid missing out.'
Furthermore, Lewis mentioned that the government's policy changes will impact energy bills, even for those already on fixed rates. He noted, 'The government's adjustments will reduce electricity and gas unit rates, even for fixed-rate customers. So, even if you fix now, your bills will drop by 7% to 9% on typical usage from April 1st.'
Lewis concluded by encouraging readers to stay informed and take advantage of the current offers while they last, emphasizing the importance of acting promptly to secure the best energy deals.
