Australia can't rule out limiting energy prices because it's linked to rising fuel prices, Energy Minister Chris Bowen said, Reuters reports.

“We agree everything needs to be on the table,” Bowen told reporters. “We’ve committed to consider all options on stronger action, on stronger regulation.” 

His remarks came after a meeting of federal and state energy ministers in Melbourne.

Victorian Energy Minister Lily D'Ambrosio said consumers and businesses are suffering from speculation by gas producers.

She said the Victorian government believes strict regulation is needed, including a cap on wholesale gas prices, which she said should be done at the national level.