And with energy experts warning prices could remain elevated for the rest of 2026, Martin Lewis says now could be one of the last opportunities to secure a cheaper fixed deal before rates climb further.
Martin Lewis: “Get off the Price Cap before it jumps”
Writing to consumers this week, Martin Lewis said: “If you’re on your firm’s standard variable tariff, get off it before it jumps 13% in a week’s time.”
He highlighted an exclusive British Gas fixed tariff that is currently around 15% cheaper than the new July Price Cap rates and cheaper than the current cap as well – but be quick as it closes today, Friday June 26.
The deal allows households to lock in energy prices until August 2027, providing protection against future increases if wholesale markets remain volatile.
Lewis added that fixed tariffs react to current market conditions, while the Price Cap reflects wholesale costs from previous months.
That means consumers can currently secure rates that are significantly lower than the prices many households will automatically move onto next week.
Cheapest British Gas fix since Middle East tensions began
The MoneySavingExpert team says its exclusive British Gas fix is currently one of the cheapest fixed deals on the market.
According to the comparison:
- Around 4% cheaper than the current Energy Price Cap
- Around 15% cheaper than July’s new cap
- Fixed until August 2027
- Includes £20 cashback for dual-fuel customers
- Available to existing British Gas customers as well as switchers
Importantly, existing British Gas customers may be able to move to the new tariff even if they are already on another fixed deal.
Why energy prices are rising again
The latest increase is largely being driven by higher wholesale gas prices recorded between February and May.
While recent tensions in the Middle East have eased, the period used to calculate July’s cap already included significant price spikes.
Because Ofgem’s cap is calculated using historic wholesale costs, consumers are only now feeling the impact.
Analysts currently expect prices to remain elevated throughout the rest of the year, with some forecasts suggesting another increase could arrive in October.
Three simple changes could save households £433
Alongside switching tariffs, financial experts say households can cut bills further through a few simple changes.
Aseem Munshi, founder of Updraft, estimates households could save up to £433 a year by:
1. Unplugging “vampire” devices
Televisions, chargers, gaming consoles and kitchen appliances can continue drawing power even when switched off.
Munshi says eliminating this standby usage could save up to £147 annually.
2. Cutting shower times
A typical 10-minute electric shower can cost hundreds of pounds over a year.
Reducing shower time from 10 minutes to three minutes could save around £186 a year.
3. Batch cooking meals
Cooking multiple meals at once and reheating them later can significantly reduce oven usage.
Munshi estimates households could save around £100 a year through meal prepping and batch cooking.
Recommended reading:
How to save money on your energy bills now
Experts say the decision depends on your current tariff.
If you’re on:
- A standard variable tariff – switching or fixing is likely worth considering before the 1 July increase.
- A fix ending soon – compare deals now, as you may be able to switch without exit fees.
- A cheap existing fix – many consumers may be better off staying put and monitoring the market.
Martin Lewis says those most concerned about future price rises may prefer the certainty of fixing now, while households willing to take more risk could wait to see whether wholesale prices continue to fall.
But with the Energy Price Cap set to jump by 13% in just days, experts agree that doing nothing could prove the most expensive option of all.
