Costco Boosts Motor Oil Price Amid Soaring Crude

Costco has raised the price of its exclusive Kirkland Signature motor oil to $58 for a 5-quart two pack, up from around $30 last year. The wholesale club is also limiting purchases to two boxes per week.

The move comes as oil prices continue to rise due to ongoing tension in the Middle East. Brent crude hit over $109 a barrel on Monday morning after an attack last week shut down a key Saudi oil pipeline, which was expected to be out of service for weeks.

As a result, gasoline and diesel prices are also increasing, with regular gasoline averaging nearly $4.32 per gallon and diesel hitting a record high of over $6 per gallon. Oil companies are shifting their focus towards producing more gasoline and diesel, which have higher demand worldwide.