While Australia's liquefied natural gas (LNG) is expected to profit when it starts export of the commodity, consumers, however, may be at the losing end with price of LNG expected to triple.

Analysts warned that domestic gas prices could rise to $12 per gigagjoule from the current $4. The $12 is the target price of the export projects.

Lucy Carter, energy fellow of the Grattan Institute, told The Australian that the real challenge is having a scenario where there are different prices such as $12, $6 or $7 gas price.

Since both of these prices could be reasonable, it presents a huger uncertainty where gas price is going, said Ms Carter who added that global LNG prices would not determine alone domestic gas prices due to the rising cost of producing the commodity.

"The wellhead price is going up because a lot of the cheap stuff has been produced and because unconventional gas (coal-seam gas and shale) costs more to get out of the ground ... Because of those two underlying price drivers (the Queensland LNG export projects and production costs) gas is unlikely to go back to $3 or $4 as a long-term measure," Business Spectator quoted Ms Carter.

With the rise of LNG exports, this commodity is expected to overshadow Australia's traditional commodity exports such as iron ore, coal and goal as over $200 billion LNG projects come online and as Asia continues to increase its demand for energy sources.

With the expected boom in demand for this commodity, LNG exports is expected to grow four times its current level by 2020, with China and Japan serving as the biggest export market for Australian LNG.

There are currently seven major LNG projects throughout Australia in different stages of construction. Three are in Western Australia, three in Queensland and one in the Northern Territory.

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