LONDON Feb 3 Crude oil is more expensive than
ever in real terms for consumers in many emerging markets,
higher even than in mid-2008 when Brent crude oil, the
North Sea benchmark, reached almost $150 per barrel.
Priced in U.S. dollars on international spot markets, Brent
has been relatively weak in recent months, and was trading just
above $106 per barrel on Monday at 1200 GMT.
But a collapse in the value of emerging market currencies
has pushed up the cost of fuel in many developing economies.
In Turkish lira, Brent is now a third higher than it was in
2008. The benchmark is also at or near record highs in the
Brazilian real, Indian rupee, Indonesian rupiah, Russian rouble
and South African rand.