India paid $22 billion extra for fossil fuels due to Strait of Hormuz crisis: Report

India paid an estimated $22 billion extra for fossil-fuel imports between March and August due to Strait of Hormuz crisis amid the Iran-US war, a CREA report said. Among countries, India faced the second-highest additional cost after China ($35 billion). Global importers together paid around $330 billion more for crude oil, fuel products and LNG during the six-month period.