Now could be a good time for people to log onto price comparison sites and start switching their energy supplier.
According to the Times, almost five million households are currently on a fixed-rate tariff, with many switching to these deals as prices began to rise.
However, industry experts have encouraged customers to shop around and not just stick with their energy provider's standard tariff when their fixed-rate deal comes to an end as they could end up paying over the odds the paper states.
Meanwhile, Consumer Focus has just voiced its concern about the high cost of electricity and gas in the UK and has called on all energy suppliers to start cutting their tariffs in the wake of falling wholesale prices.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.