JobbersWorld is a Petroleum Trends International, Inc. Publication
JobbersWorld is a Petroleum Trends International, Inc. Publication

Lubricant Price Adjustments

January 2023

  • 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 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.

The following table provides a summary lubricant price adjustments in 2022.

In addition to attributing the need for the price adjustments to ongoing increases in the cost for raw materials, and significant increases in the cost of packaging and freight, a number of lubricant manufacturers advised customers that they may experience extended lead times and order delays due to industry-wide shortages. 

The following table provides a summary lubricant price adjustments in 2021.

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