Costco Hikes Motor Oil Prices Amid Soaring Crude Costs

Costco has raised the price of its Kirkland Signature full-synthetic motor oil to $58 for a two-pack, up from approximately $30 last year. The wholesale club is also limiting customers to buying only two boxes per week.

This move comes as crude oil prices continue to rise due to ongoing tensions in the Middle East. Brent crude has surpassed $109 per barrel, and the average cost of regular gasoline in the US has reached nearly $4.32 a gallon.

The global supply chain for synthetic motor oil is heavily dependent on Group III base oils, which are largely imported from the Middle East. The disruptions to oil supplies have led to increased prices for consumers, with diesel reaching an average price of $6.23 per gallon in the US.