From Paris to Mumbai, exchange rates are keeping fuel costly Oil is at record levels in Ghana, while Sri Lanka is shut out Sri Lanka recently shut its only oil refinery because it couldn’t pay for crude.Photographer: Ishara S. Kodikara/AFP/Getty Images Brent oil has dropped more than 30% from this year’s high, but you wouldn’t know it if you live in Paris, Mumbai or Accra. The decline in the global oil benchmark from nearly $128 a barrel has dovetailed with a jump in the dollar of about 15% over the same period. That means fuel prices remain a significant factor driving up the cost of living across most of the world.