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%.
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.