Costco Hikes Motor Oil Prices Amid Soaring Crude Costs

Costco has raised the price of its Kirkland Signature full-synthetic motor oil from around $30 to about $58 for a two-pack. This is a significant increase, coming at a time when Americans are already dealing with high grocery prices and inflation worries.

The wholesale club operator is also limiting purchases of this product, only allowing customers to buy two boxes per week. Additionally, Costco is restricting the purchase of Mobil 1's full-synthetic motor oil 1-quart six pack to five units per membership, which sells for about $44.

The price hike and purchasing limits come as oil prices continue to rise due to ongoing tension in the Middle East. The US imports over 40% of Group III base oils from this region, which are used to make synthetic motor oil. Brent crude has jumped above $109 a barrel, with the average cost of regular gasoline reaching nearly $4.32 per gallon and diesel prices soaring past $6 a gallon on average.