India incurred an additional $22 billion in fuel costs in the six months following the strikes on Iran that triggered the Strait of Hormuz price shock, according to a study by the Centre for Research on Energy and Clean Air (CREA) published today. The analysis highlighted India as one of the top 20 countries bearing the highest gross extra fuel expenses during this period.
The CREA study examined the impact of the Strait of Hormuz crisis on global fossil fuel importers, revealing that the total gross extra cost for seaborne crude oil and refined fuel imports reached $330 billion. India’s $22 billion burden was among the largest, reflecting its heavy reliance on maritime fuel imports through this critical chokepoint. The report detailed how disruptions and price surges following the strikes on Iran escalated import bills for affected countries.
This development underscores the vulnerability of major fuel-importing nations to geopolitical tensions in key shipping lanes. India’s position as a significant energy consumer means that fluctuations in crude oil supply and prices have substantial economic consequences. The $22 billion figure places India alongside other heavily impacted countries, emphasizing the broader market risks associated with instability in the Strait of Hormuz region.
The CREA report provides a quantified assessment of the economic fallout from the crisis, with the $330 billion global cost serving as a benchmark for policymakers and industry stakeholders. The study’s findings were released on August 30, 2026, offering a detailed account of the financial impact on fuel-importing countries, including India.