$22 billion extra for fuel: India among countries which paid the most in Strait of Hormuz price shock, reveals study
A study revealed that India was among the Top 20 countries incurring the highest gross extra costs for fuel amid the Strait of Hormuz crisis. India reportedly suffered a gross additional cost of USD 22 billion in the six months following the strikes on Iran.
India paid $22 billion extra in fuel costs following the US-Israel strikes on Iran, placing it second among countries hit by the Strait of Hormuz price shock, according to a study by the Centre for Research on Energy and Clean Air (CREA). The report found Asian LNG prices averaged 75% above pre-war expectations, European LNG 60% above, diesel 59% above, and crude oil 35% above during the six months following the conflict.
The largest sustained oil price shock since the 1990 Gulf War was caused by the US-Iran war, with Asian LNG prices and European LNG prices both exceeding pre-war expectations by significant margins. India's net additional cost across all fuels stood at $14.4 billion, equivalent to 0.38% of India's GDP and representing the loss of approximately 1.4 days of national income.
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