The federal government will consider options to set up a national natural gas reservation system and will consult on steps to toughen up the policy on east coast gas supply, but industrial gas buyers say more is needed to bring down prices now to keep them in business.

The measures announced on Friday by federal Resources Minister Matt Canavan leave the door open to a possible price link being inserted in the trigger for the Australian Domestic Gas Security Mechanism (ADGSM), something that is strongly opposed by gas producers but which manufacturers want.