Commodity Online
NEW DELHI : An Assocham survey conducted among 300 CEO’S of top Indian companies on Friday wanted government to set up an oil price band mechanism to deal with rising crude oil prices.

According to the survey, Government should take up an initiative to set up syndicate of oil consuming countries to lobby for price band mechanism to deal with rising crude oil prices.

Oil consuming nations should form a syndicate for collective bargaining in crude oil prices, which would strengthen their position in the crude market, said the survey.

About 83 percent of the business leaders agreed that India along with other developing nations should stress on the need for price band mechanism in oil trading,

The unabated rise in global crude prices has become a double-edged sword for oil importing nations that are facing huge import bills, impacting their balance of payment and widening trade deficits, the survey said.