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Martin Lewis explains what the new price cap will mean for you after regulator Ofgem confirmed the 12.3% average price fall.

Martin explains that the energy price cap, which resets every three months, is predicted to fall again in July, adding that the most recent announcement is "a step in the right direction".

It's a saving but comparatively, consumers are still paying more than in recent years.

"We're still going to be paying nearly double pre-crisis prices.

"It's far from cheap - it's just improving", Martin said.

Martin details how the higher and lower users will be affected differently.

"The average saving will be 12.3% from April, higher users, especially who have gas, will likely see their bills drop by more than that.

"Lower users, especially electricity only, will likely see their bills drop by less than that".

This clip was from Nihal Arthanayake on 28 February 2024.

Listen to the Martin Lewis Podcast on ÃÛÑ¿´«Ã½ Sounds.