“As you know the decrease in the dollar’s value and the increase in energy prices are two sides of the same coin which are being introduced as factors behind the recent instability,”

Iran’s President has blamed a weak US dollar for the soaring fuel prices that have sparked protests across the world. Mahmoud Ahmedinejad told leaders from the OPEC oil-exporting countries that the record-high costs were fake and imposed. He said that supply of oil was plentiful.

Iranian President said, “At a time when the growth of consumption is lower than the growth of production and the market is full of oil, prices are rising and this trend is completely fake and imposed.” Oil recently touched a record 140 dollars a barrel, sparking global strikes and protests led by by truckers, fishermen and labour groups.

Ahmadinejad says fuel inflation is the result of Western manipulation and a weak US dollar. Ahmadinejad wants oil to be sold in currencies other than dollars. “As you know the decrease in the dollar’s value and the increase in energy prices are two sides of the same coin which are being introduced as factors behind the recent instability,” said Ahmadinejad.

The US and other big oil consumers want oil producers to boost output. But Iran, which is the fourth-largest oil exporter in the world, has often said it sees no need.