Why it's so important you remember to read your gas and electricity meters today

Britons have been urged to submit gas and electricity meter readings today to avoid inflated bills.

Households will see the biggest rise in the cost of energy in living memory from 1 April when the new energy price cap kicks, meaning bills will increase by £700 to just under £2,000 a year.

Experts have urged people to submit meter readings to their supplier as late as possible on Thursday to show exactly how much energy ahead of the increase.

This will prevent firms from estimating usage and potentially charging for energy used before April 1 at the higher rate.

Unless you have a smart meter, you need to submit meter readings or your suppliers will estimate how much energy they think you've used.

Increases in prices have been fuelled by several factors, including higher than expected demand following the COVID lockdown and squeezed demand. Global prices have spiked again due to Russia's invasion of Ukraine.

Some 22 million households are on plans linked to the energy price cap, with the energy industry's regulator Ofgem insisting price increases are necessary to prevent more energy companies going bust.

The energy price cap is adjusted every six months in line with seasonal changes, but there are growing calls to increase the frequency of the reviews, which could lead to further price hikes.

Campaign groups including Energy Action Scotland and National Energy Action, housing associations, and MPs, are encouraging people to read their meters this week to make sure they are paying the correct price.

Energy Action Scotland wrote on Twitter: "If every household in Scotland was out by just a single day in their energy meter readings it could cost an extra £4.5million. A week out £32million. Get your meter reading submitted on 31 March to avoid 54% higher charges."

National Energy Action tweeted: "Avoid paying higher charges by having accurate bills.

A 54% increase on unit charges is looming on 1 April. Put it in your diary!"

With energy bills spiking and the cost of living increasing, the government is under increasing pressure to help people struggling to pay the bills.

Rishi Sunak has been accused of not doing enough in his spring statement last week to support people hit hardest by the cost of living crisis.

Shadow work and pensions secretary Jon Ashworth accused Sunak of “acting in his own interest”, instead of helping those who need it most.

Ashworth said pensioners have been “cutting back on hot meals” and “forgoing hot showers” after Sunak's measures offered nothing to those relying on state pensions.

However, it has been reported that the government could provide another multi-billion pound package to help shield households from a further jump in energy bills later this year.

Why are energy bills going up?

As countries began to recover from the coronavirus pandemic, demand for gas started to increase rapidly, and could not be met due to a shortage in supply, causing global gas prices to increase in 2021.

Gas prices in particular have rocketed in recent months, increasingly driven by concern over supplies from one of Europe's biggest suppliers – Russia – following its invasion of Ukraine.

While Russia only provides around 3% of the UK's gas, it supplies up to 40% of Europe's – meaning any disruption to this will have a knock-on effect on the wholesale cost for British consumers.

The UK and US have announced bans on Russian oil, while the EU has said it will reduce its reliance on gas, as Western powers step up their sanctions on Moscow.

The bans are likely to push up prices on global markets and add further pressure on consumer prices.