Safety-Kleen Announced Base Oil Increase
Safety-Kleen announced a 40cpg increase for Kleen Performance Products RHT 70 and RHT 120, and fifty 50cpg increase for RHT 240 Group II+ base oil grades. The increase is effective immediately with all shipments beginning on Thursday, April 1st, 2021. The increase is said to be due to demand outstripping supply as the global economies emerge from lockdowns.
Safety-Kleen’s increase along with others that previously announced over the last two weeks represent the third significant round of base oil price increase for the year. Considering that the finished lubricant price increases in the third round were attributed to base oil increases announced in the second half of February, many finished lubricant manufacturers and marketers are anticipating a challenging start to Q2 2021.