Costco Hikes Motor Oil Prices Amid Global Oil Price Surge

Costco has increased the price of its exclusive Kirkland Signature full-synthetic motor oil, making it harder for customers to save money on car maintenance. The wholesale club operator raised the price from approximately $30 last year to around $58 for a two-pack.

The new prices have also led Costco to set purchase limits on both its private-label brand and Mobil 1's full-synthetic motor oil. Customers can only buy two boxes of Kirkland Signature oil per week, while the limit for Mobil 1 is five six-packs per membership.

The rising cost of motor oil comes as the US imports more than 40% of Group III base oils from the Middle East, where disruptions to oil supplies have been a major concern due to the ongoing war in Iran. The price of Brent crude has surpassed $109 per barrel, causing gas prices to surge nationwide.