Malcolm Turnbull will promise Australians cheaper gas by slapping tough new export restrictions on east coast suppliers responsible for sky-high domestic prices.
The Prime Minister's dramatic intervention comes after largely fruitless meetings with east coast gas companies, including Santos, Origin, ExxonMobil and Shell,in MarchandApril, in which he asked for remedies to the domestic shortfall in supply and price spikes during peak periods.
It is designed to put downward pressure on gas prices and to help households and businesses with high prices."By ending the shortage, and ensuring the domestic market has adequate supplies, we will ensure gas prices in Australia are lower and fairly reflect international export prices as they should," Mr Turnbull said ahead of the announcement.
"Australians are entitled to have access to the gas they need at prices they can afford.
"It is unacceptable for Australia to become the world's largest exporter of liquefied natural gas, but not have enough domestic supply for Australian households and businesses."
EEG Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
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