Costco Raises Kirkland Motor Oil Price Amid Soaring Global Oil Prices
Costco has increased the price of its exclusive private-label 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 to two boxes per week.
The price hike comes as oil prices continue to rise due to ongoing tensions in the Middle East. Brent crude hit a new high of over $109 on Monday morning, while Saudi Arabia's main oil pipeline will be out of service for weeks following an attack last week.
The impact of these events is being felt at the pump, with regular gasoline averaging nearly $4.32 per gallon and diesel reaching a record-high price of over $6 per gallon in the US. Oil companies are likely to prioritize refining crude oil into more in-demand products like diesel and gasoline over motor oil.