Since last year, Russian energy giant Gazprom has been pushing for European prices for the gas it sells to its ex-Soviet neighbors, which previously enjoyed preferential rates.

"Russia has raised gas prices and we'll see whether it is advantageous for us to continue cooperation with it in this area," Natig Aliyev said, adding that the price of $230 per 1,000 cubic meters proposed to Azerbaijan was disadvantageous.

Azerbaijan produces some 4-5 billion cubic meters of gas compared with the country's requirements of 10-11 billion cubic meters a year. This year, the republic is importing Russian natural gas at $110 per 1,000 cubic meters.

At the same time, the minister said negotiations on the issue were ongoing, and Azerbaijan could continue purchasing gas from Russia if the parties agreed on an acceptable price. RIA Novosti