Islamabad: (RightNow) Pakistan’s oil import bill surged to $1.28 billion, equivalent to 357 billion 5 crore rupees, in July. The rising demand for crude oil in the country and increasing global prices significantly contributed to this rise.

India’s crude oil import bill increased by more than 56%. Globally, the additional cost of oil reached $330 billion, equivalent to 92 trillion 5 billion 35 crore rupees.

The European Union faced the highest financial burden, with China and India ranking second and third, respectively. These countries are experiencing economic pressure due to the additional financial burden.

According to the Center for Research on Energy and Clean Air, after the Iran war and disruptions in the Strait of Hormuz, fossil fuel importing countries have borne an additional burden of $330 billion over six months. This situation is also impacting the global economy.

It is noteworthy that the European Union faced the highest additional financial burden of $78 billion, followed by China with $35 billion and India with $22 billion, ranking second and third, respectively.