Households urged to watch their bills before the biggest ever jump in the limit kicks in

Experts believe the energy price cap will increase by £150 next month

This is due to rising wholesale costs which have increased 55% since January

The energy price cap is expected to increase by as much as £150 when the new level is announced next month, experts are predicting.

As a result, standard variable tariffs will probably

soar to record high, according to Energy Helpline.

The rising cap is mainly due to the wholesale energy market, where gas prices have increased by 55 per cent since January. They are now at their highest level since 2005 and continue to rise.

With wholesale costs making up nearly 40 per cent of a dual fuel bill, experts are predicting a significant increase in the price cap and bills.