ENERGY SUMMIT Calls for price band mechanism, action against oil speculation JEDDAH : Smarting under oil-inspired runaway inflation, India today asked oil producing nations not to remain a "passive spectator of speculation' and called for adopting a "price band mechanism' to cool down prices. Finance Minister P Chidambaram, addressing the meeting of Energy Ministers in Jeddah, warned that the present situation would eventually hurt all. He said he was speaking with "great anguish' because India's goals were in "grave peril'.