Costco Hikes Motor Oil Prices Amid Middle East Tensions

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

This move comes as oil prices continue to rise due to ongoing tension in the Middle East. Brent crude prices have jumped above $109 per barrel after an attack on a key Saudi oil pipeline disrupted supplies. This has led to higher gas prices, with the average cost of regular gasoline now at nearly $4.32 per gallon and diesel prices hitting a record high of $6.23 per gallon.

The increased demand for diesel and gasoline over motor oil means that oil companies are likely to prioritize production of these fuels over motor oil. This could lead to higher prices for consumers seeking to purchase motor oil for their own use, as seen with Costco's recent price hike.