Costco Hikes Motor Oil Price Amid Global Oil Price Surge
Costco has raised the price of its Kirkland Signature full-synthetic motor oil to $58, up from around $30 last year. The wholesale club is also limiting customers to two boxes per week. This move comes as oil prices continue to climb due to tensions in the Middle East.
The price hike affects both Costco's private-label brand and Mobil 1's full-synthetic motor oil. While the exact impact on consumers is unclear, it may be another blow to those already struggling with high grocery prices and inflation worries.
Oil prices are influenced by global events, including the ongoing conflict in Iran, which has disrupted oil supplies. The price of Brent crude oil recently surpassed $109 per barrel, causing a ripple effect on gasoline and diesel prices in the US.