Should I fix my gas or wait? Help!

[catsarekeytohappiness]

Currently have a fixed rate tariff until August. Unit rate 5.23 and standing charge 28.59.

I can take a new 12 month fixed rate now, which would cover the winter. Unit rate 6.73 and standing charge 28.53. Exit fee £50.

Is it worth fixing now for security and paying slightly more per unit over the summer months? Or better to wait it out? Is there a chance things may come down before August?

how good is your crystal ball?
the price cap between April - June has been decreased by 6.6% but from July analysts are predicting the Price Cap will rise significantly, due to the recent conflict in the Middle East. Plus wholesale costs remain high and network costs are predicted to rise over the next five years.

https://www.moneysavingexpert.com/utilities/energy-price-cap-prediction/

fixing probably sensible, but whose fix to pick is guesswork

I had the same problem a month or so ago. I couldn’t really find an answer. I was watching the Martin Lewis videos, and still a definitive answer wasn’t forthcoming. I was going round and round in circles and in the end, I decided the question was - would I be happy paying the fixed price even it was slightly more but for peace of mind and I decided yes. So right or wrong I fixed it for 15 months, but I think unless you have a crystal ball it’s very hard to know what will happen. I thought all the conflict probably would continue on for a while which is why I fixed.

No-one knows whether that will be the right decision, but if you change tariff now, you may have to pay an exit fee - some providers waive this if you move to one of their other tariffs, so worth checking this.

But if you do have to pay an exit fee, that only applies until you get to the last 50 days before the deal runs out, which you'll not be far off. As the current uncertainty will be reflected in current fixes (the one you're looking at is nearly 30% higher than what you're paying now), they're probably not likely to go up significantly in the next few weeks, because prices are already higher.

Therefore I wouldn't change now, but I'd think about it when I got to the 50 day point, especially over the summer when you're not using a lot of gas.