EU member countries reach compromise on gas price cap

The gas cap issue was a divisive one because of fears that global suppliers would bypass Europe when other buyers offer more money.

A worker walks past a gas tube that connects the ‘Hoegh Esperanza’ Floating Storage and Regasification Unit (FSRU) with main land during the opening of the LNG (Liquefied Natural Gas) terminal in Wilhelmshaven, Germany (Michael Sohn/AP/PA)

European Union ministers on Monday finalised a long-awaited deal to implement a natural gas price cap that they hope will help households and businesses better weather excessive price surges.

EU member countries had failed to overcome their differences at previous emergency meetings, but several EU leaders said last week that fixing a maximum ceiling to pay for gas was likely to be achieved this time.