Commodities
India Among Worst-Hit Countries in Energy Price Shock
India has been severely impacted by the energy price shock triggered by the crisis around the Strait of Hormuz, paying an estimated USD 22.5 billion more for fossil fuel imports between March and August 2026.
According to a study by the Centre for Research on Energy and Clean Air (CREA), India's additional import cost is second only to China's USD 35.5 billion, followed by the United States at USD 16.5 billion.
The global energy market has been disrupted since US-Israeli attacks on Iran on February 28, causing oil and gas prices to surge above pre-conflict levels. Crude oil alone accounted for USD 164 billion of the additional global import bill, with prices averaging 35% higher than expected.