Hormuz Crisis Costs India Billions In Fossil Fuel Import Costs | Details
India has incurred an additional $14.4 billion in fossil fuel costs over six months since the West Asia war triggered the Hormuz crisis, according to an analysis by the Centre for Research on Energy and Clean Air (CREA). The extra cost, covering seaborne crude, oil products and LNG, equals 0.38% of India’s GDP or about 1.4 days of national income. India ranks as the third-most affected major importer after the EU ($78 billion) and China ($35 billion). Globally, importers paid $330 billion more than pre-war expectations.
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