The price of Brent crude, the international oil price gauge, has risen by 22% this year. But the cost has doubled if you’re buying in Turkish lira. It is up 39% in Indian rupees and 34% in Indonesian rupiah. Emerging-market countries and central banks are being forced to act. India, the world’s third-biggest oil importer, is weighing temporarily limiting oil imports, while Brazil and Malaysia have introduced fuel subsidies. On Thursday, central banks in Indonesia and the Philippines raised interest rates to tame rising inflation. In South Africa, where fuel prices are at a record high, the central bank said in a statement last week that “the impact of elevated oil prices and a weaker exchange rate on domestic fuel costs is increasingly evident.” “Emerging markets already have a lot of problems as it is, and when you throw an oil price spike to the mix, that creates another […]