Indian refiners shift to CIF crude purchases as Hormuz shipping disruption lifts freight costs

[Attaqa] Indian oil refiners are studying suitable crude purchasing options amid higher shipping costs caused by disrupted vessel traffic in the Strait of Hormuz, according to officials at the oil ministry. State-run Indian refining companies are increasingly moving toward buying crude on a cost, insurance and freight (CIF) basis instead of free on board (FOB), the officials said. The shift is part of efforts to diversify crude purchases.