Wednesday, July 3, 2013

5 years after peak $145 oil, India pays more today!

DNA: "India is paying more for oil today than what it did when Brent crude had touched an all-time high of $145 in 2008.

Blame the 51% decline in the currency.

On July 3, 2008, Rs 39.40 got a dollar. On July 1, 2013, it took Rs 59.52.

Now here’s the calculus on how India is paying more:
A barrel of crude on July 3, 2008, cost $145.66 x Rs 39.40 = Rs 5,739.

On Monday, it cost $102.16 x Rs 59.52 = Rs 6,080."

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