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Martin Lewis says British Gas, EDF and EOn customers have 5 days to get £152 | Personal Finance | Finance

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Martin Lewis is urging people to act in the next five days to secure a massive £152 off your gas and electricity bills from the likes of British Gas, EDF, EON and Octopus Energy.

The money expert has urged his followers to lock in a cheap deal before the Ofgem price cap changes on July 1.

The price cap is set to see the cost of energy bills come down by an average of £118 per year for a typical household, or seven percent.

But because the next price cap change in October is expected to be an increase of 12 percent, the best way to get the very cheapest price for this year is to fix now, before the price cap changes.

Because you won’t be able to change deals at the weekend, you really only have five working days from Monday to Friday left to get the best deals before they vanish when the next price cap kicks in.

Martin said: “If you look over the next year at the predicted price cap, and the price cap is what sets the rate for 90 percent of homes because 90 percent of people are on a standard tariff. You would look and say on average you will pay roughly 3 percent less than you do right now.

“Whereas the cheapest fix available right now is 9 percent cheaper.

“So stay on the price cap and you pay 3 percent less right now but go on the cheapest fix on the market, if you’re on direct debit, is 9 percent cheaper.

“So you can lock in right now and the probability if the prediction is correct is it will be cheaper than the price cap.

“So it looks like people should be getting a cheap fix right now. We are moving back into that fixing territory right now.”

If you were to fix on a deal which saves 9 percent against the current price cap of £1,690, that would be a £152 saving.

But Martin added: “Caveats: energy prices are worldwide and they change and there is no certainty here, but I would say strongly on the balance of probability right now if you were to get a cheap fix it looks like you will save money over the next year and you will at least have peace of mind when you do that, so we are at least in that environment.”

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