ExxonMobil and Phillips 66 Follow Chevron with Price Reductions
As reported in the December 19, 2014 issue of JobbersWorld, Chevron was the first to announce a decrease in the price of finished lubricants in 2014.
This came as no surprise to most in the industry in that the price of crude had dropped to levels we have not seen in decades. What was a surprise to many was how long it took for lubricant prices to respond to plummeting price of crude. Whereas it may have taken more time than many expected, it appears the time has arrived.
Chevron was the first to move when it announced a general posted price decrease for our lubricants, gear oils and greases by up to 3.5% for most SKU’s, effective February 6, 2015.
You can now add ExxonMobil and Phillips 66 to the list of majors announcing a price decrease on finished lubricants.
– ExxonMobil announced that effective February 2, 2015, it will decrease the price of branded and unbranded lubricants and greases by up to 3.5%. This decrease, however, reportedly does not impact aviation product prices. In fact, the price of some of its aviation lubricants will increase on February 16, 2015.– Phillips 66 announced that it will decrease the price of most of its finished lubricants by up to 4.5%. This decrease is effective February 2, 2015. This should be an interesting week!