Costco Raises Motor Oil Prices Amid Soaring Crude Costs

Costco has raised the price of its Kirkland Signature full-synthetic motor oil and imposed purchase limits, sparking concerns about high oil prices. The new price for a 5-quart two-pack is around $58, up from approximately $30 last year. Customers are now limited to buying two boxes per week. Mobil 1's full-synthetic motor oil 1-quart six pack has also seen its price increase to about $44, with purchases restricted to five per membership.

The move reflects a broader trend of rising oil prices due to ongoing tensions in the Middle East. Patrick De Haan, head of petroleum analysis for GasBuddy, attributed the price hikes to attacks on oil infrastructure and refineries in the region. Brent crude has reached its highest level in months, with prices above $109 per barrel.

While Costco's price increase may not directly affect most consumers, De Haan noted that it is indicative of a larger problem: high oil costs. The national average for regular gasoline has surpassed $4.37 per gallon, while diesel has set a record at $6.31 per gallon.