Martin Lewis has explained why your bills won't drop despite gas prices going down.
Hosting Good Morning Britain alongside Susanna Reid, the finance guru confirmed fluctuations in the cost of gas. However, while it would be reasonable to assume this would impact energy bills, Martin quashed any hopes.
He said: "They have dropped but they're still incredibly high. What it would have affected is the October price cap that was due to come in going up 80%, which was locked in.
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"The January price cap was still being assessed. So had we still been on that January price cap it probably now would have not risen as much as we expected due to this slight lowering in gas prices."
Martin continued: "That's all gone, we're on a price guarantee rate which locks in prices for two years from October 1. That is cheaper than the old price cap would have been anyway.
"Looking at the gas wholesale rates isn't going to give you anything now, the rate we have is locked in pretty much for the next two years."
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