Brent oil is down more than 30% from this year’s high, but you wouldn’t know if you lived in Paris, Mumbai or Accra.

The drop in the global oil benchmark of nearly $128 a barrel was accompanied by a roughly 15% appreciation in the dollar over the same period. This means that fuel prices remain a major factor driving up the cost of living in most parts of the world.

Oil demand powerhouses like China, India and the European Union have all seen…