Martin Lewis urges British Gas, Scottish Power, Octopus and EDF customers to act now as energy bills set to rise

Martin Lewis is warning millions of customers with energy suppliers like British Gas, Scottish Power, Octopus, EDF, E.on Next, and Ovo who are on the price cap, suggesting they could be "overpaying and should sort now". In the latest edition of the MoneySavingExpert (MSE.com) newsletter, the financial expert highlighted that the upcoming Ofgem price cap is expected to hike bills by 6 per cent from April 1, potentially adding some £200 to annual costs.

The money-saving maestro pointed out that a staggering 80 per cent of households in Scotland, England, and Wales are "overpaying for energy as they're on Price Capped tariffs" and recommended using a comparison website to "find your cheapest fix and lock in a rate now, to save instantly and prevent the price hike". He also noted that the price cap for the remainder of the year is likely to remain at the level set in April, reports the Daily Record.

In his MSE.com newsletter, Martin issued a stark warning: "Bad News. April's new Energy Price Cap (is) likely to rise more than previously thought: UP 6%. Fix now to save even before the price jumps (typical £200/yr saving)."

He further clarified that Ofgem revises the Price Cap every three months, with the adjustments largely based on the average wholesale rates from mid-November to mid-February (17th). Martin added: "The predictions are now pretty firm. Without intervention, it's virtually unthinkable that the Cap won't rise - the only question is by exactly how much."

Energy giants British Gas, E.On, and EDF project that the price cap might see an increase of 5 to 6 per cent. Financial guru Martin Lewis advises consumers to act swiftly: "Compare to find your cheapest fix and lock in a rate now, to save instantly and prevent