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Australian government says it will restrict gas exports from next year to contain soaring energy prices in the domestic market.
Australia is about to overtake Qatar as the world's largest exporter of liquefied natural gas. But most Australians face escalating power bills because state governments have restricted further gas exploration and no new coal-fired power stations are being built to replace aging generators that will soon be decommissioned.
Prime Minister Malcolm Turnbull said on Tuesday the government would not tolerate customers in Japan paying less for Australian gas than some Australian businesses were charged.
The government will introduce new regulations from July that will require energy companies such as ExxonMobil, Shell, Santos and Origin to give Australian customers priority access to gas supply before it is exported.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)