Martin Lewis predicts further energy bill rises in January as he warns customers to 'fix now'

The move will raise the average energy bill hit a three-year high, with the regulator confirming the price cap will rise by £60 per year – or £5 per month – to £1,723 for the average household using both electricity and gas.

"This is a 3.6% rise for those people who are on the standard variable tariff. It's important it only affects the 60% of people in England, Scotland, and Wales on those tariffs. So if you've not switched, you're not on a fix, you've done nothing, this is you," he told Tom Swarbrick at Breakfast.

Some experts are predicting that another rise of nearly 9% on the cards for January - an outlook shared by money-saving expert Martin Lewis, who told LBC that those not on a fix should "lock in the rate today".

"The current prediction is another rise of 9 or 10% in January, which is why I would strongly caution anyone who's done nothing and is sitting on these standard variable tariffs," Martin told LBC.

"You can currently fix at around 7 or 8% less than the current price cap. And that price cap's going to go up 3.6% in October and likely up again in January. But if you fix, you lock in the rate today. Those fixed rates are not particularly great. They were better a few weeks ago. But if you've done nothing, you can fix now."

Read more: Energy bills to rise for milions as regulator Ofgem announces 4% increase from October

Read more: Trump claims all mines cleared from Strait of Hormuz and warns Iran of 'zero tolerance policy'

Around 22 million households in England, Wales and Scotland are pulled into the price rise as they fall under the price cap.

A further 11 million are currently on fixed tariffs, meaning they are currently able to avoid the price rises for the time being until that tariff period ends.

"This is a 3.6% rise on top of the 12.6% rise we saw in July. In July, the mitigating factor was it's the low-use period, but we're now seeing a 17% rise over April's prices to come in October for the high-use winter period.

He adds that rise would have been "even worse, near a 20% total since April", had the government not implemented the electricity VAT cut.

"What people need to understand though is this isn't a blanket rise... what the price cap does is it limits the unit rate and standing charges that firms can charge on their standard variable rates.

"The electricity unit rate on the price cap is going up just under 1%. The electricity standing charge - the daily charge you pay for the facility of having electricity - is actually going down 4.1%.

"So if you're an electricity-only user, you will not see a big rise in October, and if you're a low user, you might actually see a fall."

"The real problem is gas," Martin continues, explaining that the unit rate is going up 9%, with no VAT cut on gas unlike electricity.

"The gas standing charge is going up 2%. So those people who have gas and electricity and are heavy gas users, they're the ones who are going to see the biggest rises, way above the 3.6% average out.

"And if you want me to get really depressing, and I'm sorry to be the bearer of bad news.

"Because of what's going on in the Middle East, we're currently seeing wholesale prices— so that's the price that gas and electricity firms pay— higher than we've seen at any time since the Ukraine crisis; even higher than the beginning of what went on in the Middle East."

It comes as shipping continues to face restrictions through the Strait of Hormuz, sending energy prices skyrocketing.

It also follows claims by Trump that all mines have been cleared from the Strait, with attacks on vessels continuing as the US and Iran vie for control of the narrow maritime passage.