Costco Slashes Motor Oil Supplies Amid Ongoing Global Price Increases

Costco has raised the price of its Kirkland Signature full-synthetic motor oil to $58, up from around $30 last year. The wholesale club is also limiting purchases of this product to two boxes per week.

The increase comes as global oil prices continue to rise due to ongoing tensions in the Middle East. Brent crude oil prices have jumped above $109 a barrel, with the price for a gallon of regular gasoline averaging nearly $4.32 across the US.

Costco is also limiting purchases of Mobil 1's full-synthetic motor oil to five units per membership. The move follows a significant increase in demand for diesel and gasoline, which are more profitable for oil companies than motor oil.