There's been a small but steady rise in oil prices over the last few weeks, and there are now signs that UK energy prices are starting to do the same.
In April the cost of crude oil plummeted and US oil prices turned negative. However, prices have now risen again to above $36 a barrel. This increase is believed to be due to growing demand from countries and industries that have started to ease lockdown restrictions.
UK energy tariffs currently remain ultra-cheap, at their lowest prices in three years. However, as oil prices start to rise, energy prices are beginning to follow suit - so if you want to lock in these low prices and prevent your energy bills from increasing, you'll need to do an online energy comparison (opens in new tab) and switch supplier now.
- Find the cheapest energy deals for your home (opens in new tab)
Cheaper energy bills
By looking to switch energy supplier before prices eventually do rise again, you can ensure that you'll avoid missing out on what many believe are the best energy deals we’ve seen for years. What’s more, by switching provider you could make significant savings on your household bills.
There have been reports by experts such as Martin Lewis that people who switch now could save as much as £480 per year on their energy utility costs. In addition, Money Supermarket - who we've partnered with on our energy price comparison service (opens in new tab) - has offered similar findings. The team there claim that on average savings of over £280 can be achieved by switching, with 51% of customers who switched in March 2020 saving at least £289.40.
These savings come at a good time. Many of us are currently working from home, and are likely to continue to do so for some time - even as lockdown restrictions ease. Tens of thousands of households across the UK are using more energy than they would otherwise at this time of year.
However, be aware that energy rates will eventually return to normal levels. As the oil price continues to increase, energy markets become less competitive, and this will likely cause an upward spike in the cost of tariffs.
How to make the switch
Switching supplier is simple, straightforward and can be done quickly. The only changes you'll notice are to your bill, and the customer service you receive. Your supply of gas and electricity, and the standards of safety, remain the same across all providers.
There are a number of different energy comparison sites you can visit to get a breakdown of which tariffs and rates are available in your area. Depending on your preferences, you can filter the results to see different plans - renewable energy tariffs, for example, from the best green energy suppliers.
Our energy comparison tool is also ideal for this. In less than five minutes, we'll show you the cheapest energy offers in your area, and if you choose to switch, we'll handle the entire process for you.
FIND THE BEST ENERGY DEAL FOR YOUR HOME (opens in new tab)
We've partnered with MoneySupermarket to help you find the very best energy deals in your area. Our energy comparison tool takes less than five minutes to use, and could save you hundreds on your energy bills. Just tell us your post code and how much gas and electricity you use, and we'll show you the best tariffs in your area - plus our latest exclusive offers. Save money on your energy bills now (opens in new tab)