Martin Lewis' last chance warning to get £152 off energy bills from Scottish Gas, Octopus and more

Money-saving guru Martin Lewis is sounding the alarm, advising people to take action within the next five days to snag a hefty £152 discount on their gas and electricity bills.

The financial whizz has highlighted the urgency for his followers to secure a bargain deal before the Ofgem price cap adjustment on July 1 from major providers like Scottish Gas, EDF, EON, and Octopus Energy.

With the upcoming price cap set to reduce energy bill costs by an average of £118 annually for a typical household, or seven percent, it seems like a win for consumers.

However, with the next price cap revision in October anticipated to bring about a 12 percent surge, securing the absolute lowest rate for the year means fixing your tariff now, ahead of the price cap shift.

Given that deal changes aren't possible over the weekend, there's effectively only a five-day window from Monday to Friday to grab the best offers before they disappear with the new price cap's introduction, reports the Express.

Martin explained: "If you look over the next year at the predicted price cap, and the price cap is what sets the rate for 90 percent of homes because 90 percent of people are on a standard tariff. You would look and say on average you will pay roughly 3 percent less than you do right now."

He continued: "Whereas the cheapest fix available right now is nine percent cheaper. So stay on the price cap and you pay three percent less right now but go on the cheapest fix on the market, if you're on direct debit, is nine percent cheaper.

"So you can lock in right now and the probability if the prediction is correct is it will be cheaper than the price cap. So it looks like people should be getting a cheap fix right now. We are moving back into that fixing territory right now."

If one were to switch to a deal that offers a nine percent saving against the current price cap of £1,690, they could net a cool £152 in savings.

But, adding a note of caution, Martin stated: "Caveats: energy prices are worldwide and they change and there is no certainty here, but I would say strongly on the balance of probability right now if you were to get a cheap fix it looks like you will save money over the next year and you will at least have peace of mind when you do that, so we are at least in that environment."

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