Martin Lewis has issued fresh advice on those wondering whether they should stick on the price cap or fix now on their energy tariff after Ofgem announced a 54% increase.

The energy regulator announced the new energy bill price cap will rise by 54 per cent per cent from April.

It means energy prices will rise by £693 a year for millions of households after regulator Ofgem hiked the price cap on bills to £1,971

The Money Saving Expert founder has been inundated with messages from concerned consumers following the announcement.

The consumer champion is a trusted voice for financial advice in the UK with regular slots on ITV’s Good Morning Britain, This Morning and his own show, The Martin Lewis Money Show.

Energy price cap increase: Martin Lewis shares latest advice.

Speaking to his 1.2 million followers on Twitter, the cash-saving guru asked for more time to “crunch the numbers” however shared his “instinctive response”.

He tweeted: To everyone asking me should I stick on the price cap or fix now? My instinctive response is stick on it but that's what my team & I'll crunch numbers on today. So please give us time.”

Martin Lewis to reveal energy price cap rise saving tips

Mr Lewis promised to provide further information on his ITV show which will be on ITV from 8:30 on Thursday night.

The financial expert will be dedicating a section of his ITV programme The Martin Lewis Money Show to the energy price cap increase.

The Martin Lewis Money Show will air at 8.30pm on ITV tonight (Thursday, February 3).