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- Martin Lewis

It’s not often I write about the price of a barrel of oil. Yet, in recent weeks we saw something extraordinary happen. The US oil price went negative, they couldn’t sell it, instead they were paying to have barrels stored. Of course, the cause is obvious, the coronavirus-driven economic slump means there’s no demand, which causes prices to bottom out.

The one silver lining in this miasma of bad news is that the slump at the sumps feeds into the price we pay for gas and electricity too. It’s one of the prime reasons that we’re now seeing the cheapest prices for switchers in three years – HUGE SAVINGS are possible right now. And this isn’t just about tiddler firms, it’s about the big six well-known names who are pumping out cheap prices too.

Don’t rely on the price cap, it’s not cheaper

The majority of UK homes are on tariffs at or near the price cap. This gives you a false sense of security. That price is capped at £100s a year more than the cheapest tariffs. If you’re on the cap, by definition you’re paying the maximum allowed for standard tariffs.