Costco Jumps on Oil Price Train with Motor Oil Hike

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

This price hike comes as crude oil prices continue to rise due to ongoing tensions in the Middle East. Brent crude has jumped above $109 per barrel, with disruptions to oil supplies and attacks on Saudi pipelines contributing to the surge.

The impact of these rising oil costs is already being felt at the pump, with regular gasoline averaging nearly $4.32 per gallon and diesel prices soaring past $6 a gallon in the US.