On April 1, the price ceiling was raised by 51 percent, resulting in households paying hundreds more each year. This price ceiling is expected to rise again in October, which will see a new increase in monthly bills. In a video posted on the Internet, the financial journalist said that “time is of the essence” as things change regularly. Mr Lewis added: “The current maximum price for someone who is dual fuel, which is typical use, is 97 1,971 τη per year. READ MORE: Woman, 88, in tears after losing savings of 36,000 pounds – after 50 years of “scapegoat” “It went up massively on April 1st and it’s there right now. It will last until the beginning of October.” Ofgem reviews the ceiling twice a year, with changes taking effect on 1 April and 1 October. According to the latest data released by Cornwall Insight analysts, the ceiling is projected to increase by 32 percent in October 2022. The estimated price ceiling will be £ 2,600 in October 2022 for the average dual fuel bill. DON’T MISS This is a projected increase of over λι 600 from the current 97 1,971 ceiling and would mean that energy prices would have doubled in just one year. The exact amount one pays depends on the energy consumption. Cornwall Insight initially expected a 50% increase in October and then revalued to 29% at the end of March 2022. Although the 32 percent increase is lower than its original estimated value of 50 percent, it will continue to add significant costs to gas and electricity bills. “That said, I think a repair has the advantage of price certainty, it’s essentially a ceiling in itself, but the ceiling lasts longer.” Cornwall Insight suggests we will see a 12 percent drop from the October price cap in April next year. Mr Lewis, who co-founded MoneySavingExpert.com, said: price ceiling price and value price certainty are probably worth determining at this rate. “Let’s see what’s right now. The repairs that are worthwhile are probably short – term corrections with your current supplier that are cheaper than open market switches. “The problem is that they are not published on the open market exchange rate. I can not see them. The cheapest I can find today is 35 percent – so it’s probably not worth it. “That’s why I think 25 percent is the magic number.”
