Chevron and CITGO Announce Lubricant Price Adjustments
Chevron Implements a General Lubricant Price Decrease, and will Increase the Price on Grease
Chevron announced a general posted price decrease on lubricants of up to 8%, effective January 12, 2023. While the decrease applies to many of its lubricants, it excludes automotive gear oils, transmission fluids, industrial gear lubricants, and coolant and fuel additives.
In addition, while the posted price of many of Chevron’s lubricants will decrease, marketers were advised that the posted price of Chevron’s greases will increase by up to 17%, effective February 13, 2023. The increase is said to be due to higher costs on raw materials, packaging, and overall supply disruptions.
CITGO Decreases the Price on Most Lubricants, and will Increase the Price on Grease and Other Select lubricants
CITGO announced a general posted price decrease on select lubricants of up to 8%. The decrease went into effect January 13, 2023. The adjustment applies to most of the company’s lubricants, including conventional HDEO and PCMO, and the majority of its hydraulic oils, THF, and others.
The price of CITGO grease and selected specialty lubricants will, however, increase by up to 17%. The increase applies to synthetic industrial lubricants, full synthetic HDEO and PCMO, Clarion and fire-resistant lubricants. The upward adjustments are effective February 13, 2023. CITGO attributes the need for the increases to escalations in component costs and continued supply constraints.
Editorial note: As most lubricant marketers are painfully aware, the overall supply of grease has been exceedingly tight following the fire and explosion that destroyed Chemtool’s Rockton, Illinois grease plant on June 14, 2022.