Sinclair Lubricants Announces Price Increase
There has been a good deal of talk in the industry over the past few weeks about the potential for a third round of lubricant price increases in 2018. The concerns are driven by the recent upward movement in the price of base oils. Sinclair Lubricants responds with the first of a third for 2018.
Sinclair Lubricants will be implementing a price increase of up to 10% to 12% on finished lubricant products effective July 1, 2018. In certain instances, the amount of the price change may fall outside of these parameters. Sinclair Lubricants says this adjustment is due to increasing costs of base oil, freight increases, and certifying all products to API SN PLUS.
As previously reported by JobbersWorld, there have already been two rounds of price increases in 2018. The first began with announcements by majors and independent blenders in January. Most of these increases were in the range of 6 to 10% with effective dates in February and March. A second round of increases started with an announcement on February 12th by Sinclair Lubricants that its lubricant prices would increase by up to 5%. Both the first and second round of increases announced by Sinclair had the same effective date of March 1, 2018.