Costco Jumps on High Oil Prices Bandwagon with Motor Oil Price Hike
Costco has significantly increased the price of its Kirkland Signature full-synthetic motor oil, raising it to around $58 per two-pack from approximately $30 last year. The retailer is also limiting customers to buying only two boxes a week.
Additionally, Costco is placing purchase limits on Mobil 1's full-synthetic motor oil one-quart six packs, allowing customers to buy no more than five per membership at around $44 each.
The price hikes and limited purchases may evoke memories of the empty shelves seen during the pandemic, but Patrick De Haan, head of petroleum analysis for GasBuddy, believes it will not have a significant impact on most consumers. According to De Haan, 'the normal car requires four to five quarts every 5,000 miles or so,' making Costco's limit an 'extremely reasonable amount.'
The price increases are indicative of the current high oil prices, which have reached their highest level in months due to various factors such as attacks in the Middle East and Ukraine on Russian oil refineries. The Saudi oil pipeline will be out of service for weeks following a recent attack.