India paid an additional $22.5 billion for fossil-fuel imports between March and August 2026 as the Hormuz crisis drove up oil and gas prices, making it the second-most affected importing country globally after China and adding a fresh burden to the country’s energy import costs. China faced the highest additional cost at $35.5 billion, followed by India at $22.5 billion and the US at $16.5 billion. The Netherlands paid an extra $13.5 billion, South Korea $13.2 billion, Italy $12.7 billion and Japan $12 billion.