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Price Increases YTD 2021

UPDATED 8/18/2021: An astute JobbersWorld reader, Greg Kasdorf at Eastern Oil Co., contacted JW to advise that rather than summing the totals of each percentage increase in the story we ran earlier in the week (see below), the significance of the adjustments is better expressed by capturing the fact that the increases are compounded. With compounding, the total of the increases seen so far in 2021 is close to 116%.

There have been six rounds of lubricant price increases since the start of the year. The upper end of the increases averaged close to 14%.
 
When taken together, these increases moved the price of lubricants up by as much as 82%, on average. According to a number of end users JobbersWorld speaks with, the increases seen so far this year equate to lubricant prices moving up $2.20 to $3.20 a gallon. They say the magnitude of the increase depends on the type of lubricant, and synthetics are at the high end of the range.

Each of the lubricant price increases were closely tied to increases in base oil prices. In addition, the lubricant price adjustments are attributed to increases in the price of additives, and continuing escalation in the cost of transportation, packaging, labor, insurance and other inputs.

The following is a summary of recent lubricant price increases reported in JobbersWorld.

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