Brussels is weighing whether to prolong an emergency gas price cap introduced in February amid fears that the conflict in the Middle East and sabotage of a Baltic pipeline could push up prices again this winter.

The European Commission said there was “no indication of negative effects” since the measure had entered into force and that gas prices were now almost 90 per cent lower than last year, according to a presentation given to diplomats from the EU’s 27 member states and seen by the Financial Times.

The cap was introduced after many weeks of tense discussions among member states, with Germany and Austria having initially opposed its introduction arguing that it would distort markets and aggravate a supply crunch. But the cap did not impact gas imports to the EU, the commission’s presentation noted.