MARTIN Lewis has explained how the Russia-Ukraine crisis could impact your energy bills.
Yesterday, Russia launched a full-scale invasion of Ukraine and now Moscow’s forces are now just 20 miles from the capital.
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The conflict is having a knock-on effect on how much Brits are paying for their bills, including food, fuel, and energy.
Experts have predicted energy bills could rocket to £3,000 as a result of building tensions between the two nations.
That’s because Russia could decide to restrict the flow of natural gas to Europe if it is slapped with sanctions, with key pipelines passing through Ukraine from the country.
Although the UK doesn’t rely heavily on getting its supplies from Russia, concerns have been raised that shortages could happen if tensions develop – which could drive up prices.
Martin Lewis explained on his ITV show what to do as soaring energy costs could be fuelled even further by Russia’s invasion.
A worried viewer emailed into the show asking Martin whether it is still wise to “do nothing” or look for a fixed deal on energy bills.
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So far, Martin’s advice has been for customers – in general – to do nothing and stay on the energy price cap.
This is currently set at £1,277, but will rise to £1,971 a year on April 1.
Martin has previously said to stick with it as there are hardly any fixed deals worth switching to.
On his show last night, the consumer guru issued guidance once more on what to do in light of the Ukraine issue.
He said it would be a “gamble” to fix your deal – that’s because it is uncertain exactly how energy prices will change this year.
But as the price cap could soar to £3,000 a year in October, he explained those who want “peace of mind” could consider switching to a fixed deal.
However, you should only do this if you can find one within 60% of the current price cap – or 80% if you are especially concerned.
But ultimately, he said it was too difficult to know what to do right now to get the best deal.
On the price cap, he said: “Until April, we’re on a cheap rate, and from April, we’re on a cheaper rate than any fixes.
“So it’s a gamble. I don’t know, and I can’t tell you the right answer.”
Energy prices aren’t the only bills that could soar as a result of the Ukraine crisis.
Record-high petrol prices were costing drivers over £15 extra at the pumps already – and drivers have been warned that it could spike to £1.70 per litre “very soon”.
This is because Russia is one of the largest producers of oil – and fears have been raised over how the distribution and price of these supplies will be affected.
Household staples like bread and beer could rocket too because the situation could cause a wheat shortage.
That’s because both regions produce a third of the global supply.
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