Costco Boosts Motor Oil Prices Amid Global Oil Price Surge
Costco has increased the price of its Kirkland Signature full-synthetic motor oil from around $30 to approximately $58 for a five-quart two-pack. The company is also limiting purchases of this product to two boxes per week.
In addition, Costco has set a purchase limit of five units per membership for Mobil 1's full-synthetic motor oil one-quart six pack, which now costs about $44.
Patrick De Haan, head of petroleum analysis for GasBuddy, downplayed the impact of these changes on most consumers. He noted that an average car requires only four to five quarts of oil every 5,000 miles, which is what Costco's limit allows.
The price hike and purchase limits are reflective of a larger trend: high oil prices. De Haan attributed this to recent attacks in the Middle East, including those on Saudi Arabia's East-West Crude Oil Pipeline and Russian oil refineries in Ukraine.
Oil prices have reached their highest level in months, with Brent crude exceeding $109 per barrel on Monday morning. The price of gasoline has also risen, with a national average of $4.31 per gallon for regular fuel and a record-high $6.23 per gallon for diesel, according to AAA data.