ExxonMobil Adjusts Base Oil Price Adjustment
As reported in JobbersWorld yesterday, ExxonMobil announced last Thursday that the price of its base oils will increase by $0.30 a gallon, effective March 14. Well, before the ink was dry on that story, blenders got word this morning that ExxonMobil revised the adjustment to $0.70 a gallon. The effective date remains the same at March 14th.
In addition to the other base oil price increases JW reported on yesterday, HollyFrontier announced a 30cpg increase effective March 14th. But, who knows, considering the volatility of crude oil prices, maybe this and other base oil price increase will also be followed by adjustments to the adjustments.
The following is a summary of the recently announced base oil increases:
In addition to higher base oil costs, blenders are getting hammered by higher freight rates (including fuel surcharges of 35% and higher).