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Martin Lewis explains the most recent energy price cap by Ofgem which could save a typical household £122 a year.

The energy regulator Ofgem announced today the price cap is to drop by 7% from July, but Martin urges householders to fix now before they rise again later in the year.

"If you fix now, you can save 9% on the current price, which will be roughly 2% on the July price", he said.

Martin adds that if predictions are correct, the current rate will be "substantially cheaper" than those in October.

The Energy price cap however, Martin explains, does not affect the rate that firms fix - meaning July's price rate is based on rates from earlier in the year.

"July is an irrelevant figure for fixing", he finished.

This clip is originally from 5 Live Breakfast on 24 May 2024.

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