Money Saving Expert founder Martin Lewis has issued a warning to anyone on a fixed-term energy tariff.
He said those who have locked in their rates may have to be prepared to cancel their deal as a way to save money. It comes as new Prime Minister Liz Truss is reported to be considering a freeze on the Ofgem energy bill price cap to deal with the cost of living crisis.
However, a freeze would not benefit those already on a fixed rate tariff. The Ofgem price cap only applies to people on variable rate energy deals - around 80% of the country, or 24 million people.
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Writing on the MoneySavingExpert site, Martin said: "If you fixed within the last 14 days, do check when the cooling off period ends, as on Thursday when we hopefully know what’s actually happening you may want to cancel."
He added: "The 'should I fix' call has never been easy. Some who have made the call to fix recently may feel frustrated by this.
"Yet ultimately remember, you made the call based on the information available at the time, that's all you can do, it was a good decision for you based on what you knew, even if the outcome doesn't turn out to be the best."
The price cap is altered every three months, in January, April, July and October. It is currently due to rise to £3,549 in October.
Because it keeps rising, many people thought fixing would be the better option to try and beat the ever increasing costs. However, if a freeze is announced it would not apply to people with a fixed rate energy deal, therefore customers might not benefit from the freeze.
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