Costco Raises Kirkland Motor Oil Price Amid Surging Crude Costs
Costco has raised the price of its Kirkland Signature motor oil due to surging crude oil prices. The retailer increased the price from an undisclosed previous level to roughly $58 for a two-pack, and also implemented purchase limits.
The move comes as oil prices have skyrocketed past $109 per barrel following Middle East supply line disruptions. This has impacted the base oils required for synthetic motor oil, pushing up costs for Costco and other manufacturers.
Oil refiners are prioritizing gasoline and diesel production over motor oil due to higher profit margins and demand, potentially tightening lubricant supplies.
The U.S. national average price for regular gasoline has risen to $4.32 per gallon, while diesel has reached a record high of $6.23 per gallon.