More Lubricant Price Increases
The need for the adjustments is attributed to base oil price hikes, as well as increases in the cost of nearly all other raw materials used in the blending and packaging of lubricants. These include lubricant additives, plastic resin, and corrugated; as well as higher transportation and manufacturing costs.
In addition to lubricant price increase announcements, on December 17th Afton Chemical announced it will adjust the price of its lubricant and fuel additives by up to 8%, or in some cases more. These adjustments will take effect on January 20, 2021.