CREA: Hormuz spike raised India's fossil fuel import costs $22B
India's fossil fuel import costs jumped by $22 billion between March and August 2026, thanks to the energy-price spike from the Hormuz crisis, says a new CREA report.
India's net additional cost for crude oil stood at $20.5 billion.
India ended up as the world's second-most-impacted country after China, with India's net additional cost across all fossil fuels estimated at $14.4 billion, equivalent to 0.38% of its GDP, or about 1.4 days of national income.
Global extra $330B fossil fuel bill
Globally, countries paid an extra $330 billion for fossil fuels during this period, way more than pre-war futures markets had expected.
Only the EU and China faced higher bills than India.
The report is a clear reminder: relying on imported fossil fuels makes economies like ours vulnerable when global tensions flare up, so finding alternative energy sources is more important than ever.