China will reportedly raise natural gas prices within the year in an effort to ensure healthier profits for the sector, the Shanghai Securities News reported, citing unnamed sources.

The country's largest oil and gas producer, China National Petroleum Corp (CNPC), has suggested that the central government take that route, said the report.

"We have suggested accelerating the reform on natural gas pricing system a long time ago, and the government is at present studying the issue," one source with CNPC was quoted as saying by the newspaper. "After the reform, natural gas prices of CNPC, Sinopec and China National Offshore Oil Corp will become almost the same," he said.