Costco Limits Kirkland Motor Oil Purchases as Prices Near Double
Costco has raised the price of its Kirkland Signature full-synthetic motor oil to $57.99 and imposed a limit of two containers per customer per week, citing higher crude oil costs and refinery profit shifts.
Costco is increasing the price of its Kirkland Signature full-synthetic motor oil to $57.99, up from $30, and restricting purchases to two containers per customer each week, according to reports from automotive news outlets. The retailer attributes the change to rising crude oil prices, which are hovering around $100 per barrel, and to refineries prioritizing the more profitable production of gasoline and diesel over motor oil.
Industry analysts note that modern motor oils require more sophisticated formulations to meet the demands of smaller, high-boost engines, leading to higher production costs and licensing fees imposed by automakers. Geopolitical tensions in the Middle East, including disruptions near the Strait of Hormuz and the Bab el-Mandeb Strait, have also contributed to broader fuel price increases.
"Gas and oil prices won't come down until after the midterm election in early November," a former U.S. president was quoted as saying in a recent interview.
The price of diesel has reached a record $6.06 per gallon, according to the American Automobile Association, marking an 8-cent rise from the previous day and a 21-cent increase over the past week.