Martin Lewis has warned households in Great Britain could face an additional price hike of up to 20 per cent on their household energy bills in October, on top of the £600 rise coming this April.
Speaking to ITV's Good Morning Britain, the finance expert explained how the price cap, not applicable to those living in Northern Ireland, will rise in April and see millions in England, Scotland and Wales paying approximately £600 more for their utility bills due to the ongoing rise in wholesale energy prices.
Martin explained to GMB viewers and hosts Ben Shephard and Susanna Reid that prices for wholesale gas are seven times more expensive than they were at this time in 2021.
The Money Saving Expert then went on to sound his warning that households already facing a £600 hike in April, could see another 20 per cent hike in October if things don't change:
"If we take an average user based on Ofgem's latest typical use, their price cap would be £1,277 a year - use more, your cap is higher, use less, your cap is lower.
"We're expecting to see that go to somewhere between £1,900 and £2,000 on April 1 - that's an enormous £600-ish rise, and it doesn't stop there.
"The wholesale gas rates which are driving this and have continued to be currently seven-odd times higher than they were a year ago - means that if nothing changes, and not that many people are predicting gas prices are going to drop that much, then on October 1, we're likely to see the price cap rise AGAIN, by another 20 per cent."
Martin then delivered the distant hope that by April 2023, rates will finally begin to fall back.
"This is a long term problem.", Martin added: "We desperately need government intervention for some of the most vulnerable in this country."
Chancellor Rishi Sunak will deliver a package of announcements today (February 3) on how the government attempts to address the issue of rising energy costs and a press conference will be held by Mr Sunak at 5pm.
The Chancellor will later be appearing on The Martin Lewis Money Show at 8:30pm on ITV to be quizzed by Martin on his proposals.
After already hearing about debt collectors being issued to call on some who have been unable to afford their energy bills, Ben Shephard asked Martin how people could seek help if they're struggling to cope with their current costs.
Martin replied: "If people are in desperate help, go and speak to someone like Citizens Advice or the charity National Energy Action, which has a one-on-one helpline."
Good Morning Britain returns on ITV from 6am every weekday morning and The Martin Lewis Money Show airs at 8:30pm on ITV.
