Costco Hikes Motor Oil Price Amid Rising Oil Tensions

Costco has raised the price of its Kirkland Signature full-synthetic motor oil to around $58, up from approximately $30 it was selling for last year. The wholesale club operator is also limiting purchases of this product to two boxes per week.

The move comes as oil prices continue to rise due to ongoing tension in the Middle East. Brent crude has jumped above $109 a barrel, and the price of gasoline has reached nearly $4.32 a gallon on average across the country.

Diesel prices have also hit a record high, soaring past $6 a gallon on average. Oil companies are likely to prioritize refining crude oil into diesel or gasoline over motor oil due to higher demand and volume.