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Jun 3, 2008

PM calls for ban on oil speculation

malaysiainsider - [...] Datuk Seri Abdullah Ahmad Badawi today called on the international community to consider bold and unprecedented measures to counter the steep rise in food, oil and commodity prices.

The prime minister said the burden of price increases, now borne largely by the developing countries and the poor, could easily spill over into developed societies.

"Protests, demonstrations and food riots have broken out in many countries in the developing world, including in our region. However, there does not seem to exist the same degree of concern in the developed world except for the rising fuel prices," he said in his keynote address at the 22nd Asia-Pacific Roundtable here.

Citing the example of Japan's bold move to deal with rising prices of rice, Abdullah suggested that the same move be adopted for the oil market. "To prevent speculative biddings, Japan has suspended trading of rice in the futures market," he said.

"We should examine such steps for possible application to the oil market, itself an important contributor to the soaring prices of other commodities. All such measures would, of course, require negotiations and agreement at the international level," he said.... selanjutnya.


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