Five EU countries have made a joint request to the European Commission to explore two options to limit rising gas prices and propose possible solutions in an effort to tame rising prices, Greece's energy ministry said.

The European Union will unveil proposals next week to launch joint gas purchases and develop an alternative gas price reference point, but it was not decided at Wednesday's EU meeting whether the package would include a gas price cap, Reuters reported.

In a letter to the EC, the energy ministers of Greece, Italy, Belgium, the Netherlands and Poland proposed amending references to the Dutch TTF gas price in relevant contracts through an EU legal and/or regulatory measure.

Brussels says that a new index is needed because the main benchmark TTF is based on pipeline supplies and no longer represents a market with more liquefied natural gas.

Ministers also want the EU to examine the wholesale gas price cap and a separate mechanism for matching supply and demand if this price cap is exceeded through OTC transactions and tenders.