A group of lobbyists for Australia's gas industry has called for urgent talks with Prime Minister Anthony Albanese after it emerged that the government's plan to cap gas prices for one year includes long-term measures to limit profit margins, Reuters reports.

The head of the Australian Petroleum Production and Exploration Association (APPEA), which includes the world's biggest companies such as Exxon Mobil Corp and Shell Plc, wrote to Albanese, warning that the government's proposed package would undermine investment, cut new supply and drive up gas prices.

Parliament is scheduled to hold a special session this week to vote on the government's plan to cap gas prices at A$12 ($8.15) per gigajoule (GJ) and coal prices for electricity producers at A$125 per tonne for a year.

The electricity bill reduction package includes an action to force gas producers to lock in sales contracts based on their cost plus an agreed-upon rate of return after the annual price cap expires.