Between March and August 2026, the West Asia conflict forced India to incur around $22.5 billion in additional fossil fuel import costs, ranking second globally behind China.
The six months long disruption in the energy supply chain, escalated by strikes on Iran in late February 2026, added over $330 billion to global fossil fuel import bills, needing importing nations to pay additional $55 billion every month.
Crude oil $164 billion included of the total global surcharge at an average premium of 35 percent over pre-crisis market expectations. Yet, refined fuels used directly for key economic sectors recorded even lower price spikes.
Worldwide spending on diesel and gasoil jumped 59 percent to add $74 billion in import costs, alongside a 43 percent rise in gasoline expenses that added another $36 billion.
LPG import bills grew by $38 billion, spiking 60 percent in the Pacific basin and 75 percent in the Atlantic basin, while jet fuel costs rose by 59 percent, adding $20 billion. The surge in diesel prices has driven broad inflationary pressure in freight transport, manufacturing and agriculture, with 134 of the 170 evaluated countries paying more than pre-war futures had anticipated.
