IndiaSphere

India has blamed speculators for the rise in global oil prices
and warned that the country’s economic goals were in “great
peril”.

Oil-producing nations must not to remain a “passive spectator
of speculation” and should adopt a “price band mechanism” to
decrease prices, said Finance Minister P Chidambaram at the
meeting of world energy ministers in Jeddah.

“Oil prices threaten to wipe out the economic gains made by
developing countries in recent years. The irrational escalation
in oil prices is a cause of diversion of cash resources from
education, health and other social sector schemes.