{
  "id": 4350523,
  "title": "$22 billion extra for fuel: India among countries which paid the most in Strait of Hormuz price shock, reveals study",
  "url": "https://urgent.news/2026/08/30/22-billion-extra-for-fuel-india-among-countries-which-paid-the-most",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-30T05:28:23.000Z",
  "source": {
    "name": "Live Mint",
    "slug": "live-mint",
    "url": "https://www.livemint.com/news/india/22-billion-extra-for-fuel-india-among-countries-which-paid-the-most-in-strait-of-hormuz-price-shock-reveals-study-11788066064017.html"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "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.",
  "key_points": [
    "India paid $22 billion extra in fuel costs after US-Israel strikes on Iran",
    "Asia's LNG prices 75% above pre-war expectations during six months post-conflict",
    "India's net additional cost $14.4 billion, 0.38% of its GDP"
  ],
  "editors_take": "India's additional fuel costs represent a loss of approximately 1.4 days of national income, equivalent to 0.38% of its GDP, placing pressure on the country's economy.",
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "Hindu BusinessLine",
        "title": "India emerges as key petrol supplier to Russia as refinery attacks disrupt fuel supplies",
        "url": "https://urgent.news/2026/08/30/india-emerges-as-key-petrol-supplier-to-russia-as-refinery-attacks",
        "published": "2026-08-30T05:20:15.000Z"
      },
      {
        "outlet": "The Hindu",
        "title": "India emerges as key petrol supplier to Russia as refinery attacks disrupt fuel supplies",
        "url": "https://urgent.news/2026/08/30/india-emerges-as-key-petrol-supplier-to-russia-as-refinery-attacks-4357800",
        "published": "2026-08-30T06:19:25.000Z"
      },
      {
        "outlet": "The Economic Times",
        "title": "India’s beauty market eyes a $42 billion glow-up",
        "url": "https://urgent.news/2026/08/30/indias-beauty-market-eyes-a-42-billion-glow-up",
        "published": "2026-08-30T08:03:22.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}