Bord Gáis Energy has today applied for a rise of more then 7.5% in residential gas prices.
The Commission for Energy Regulation (CER) said that it is considering the request, and will decide in late August.
Bord Gáis indicated it asked for the increase, due to higher gas commodity costs and network tariffs.
The CER stated that if the increase is granted, it would be with regret, given the current difficult economic climate.
Chairman of the Commission, Dermot Nolan, admited that it is a big increase.
"They have been higher in the past," he said.
"I think Bord Gáis' suggestion is driven by an increase in the relative cost of gas when we buy it internationally
"Essentially, the euro has weakened very much against sterling. The price of gas is denominated in sterling, so it's much more expensive for us as a country to buy gas.
"We certainly think there's something to that argument - we'll be assessing it fully over the next few weeks, however."