Chevron and ExxonMobil Announce Lubricant Price Increases
- Chevron Lubricants announced a general price increase in the U.S. market of all lubricating oils and greases up to 12%. The increase is effective on February 8, 2021.
- ExxonMobil announced it will increase the price of its finished lubricants by up to 12%, effective February 1, 2021.
The following is an updated list of lubricant price increases JobbersWorld has reported on in the first round of adjustments in 2021.
For nearly all 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.
For nearly all announced 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. |