Strait of Hormuz tensions cost India $22 billion in extra fuel import bills: Report
A report by CREA indicates that India spent approximately $22 billion more on fossil fuel imports from March to August as a result of the Strait of Hormuz crisis during the Iran-US conflict. India incurred the second-highest additional expense globally, trailing only China, which paid $35 billion. Across the same six-month timeframe, international importers collectively spent about $330 billion more on liquefied natural gas, fuel products, and crude oil.
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