Costco Raises Motor Oil Price Amid Ongoing Middle East Tensions
Costco has raised the price of its Kirkland Signature full-synthetic motor oil to $58, up from around $30 last year. This move comes as oil prices continue to climb due to ongoing tension in the Middle East.
The wholesale club operator is also limiting customers to two boxes a week of the 5-quart two-pack motor oil. Additionally, it's restricting purchases of Mobil 1's full-synthetic motor oil 1-quart six pack to five per membership, which sells for about $44.
The price increase and purchase limits are likely due to the high demand for diesel and gasoline worldwide, making oil companies prioritize these products over motor oil. The US imports more than 40% of Group III base oils from the Middle East, where supplies have been disrupted since the start of the Iran war earlier this year.