Phillips 66 and Citgo notified U.S. customers of upcoming price increases on finished lubricants that go into effect in February and March. Factors cited included escalating costs for raw materials such as base oil, and increases in packaging material costs.
Phillips 66notified customers last week it would raise finished lubricant prices approximately 5 percent effective Feb. 27.
Citgo informed customers last week of a general finished lubricant price increase of 3 percent to 5 percent on branded and private label products effective with shipments occurring on and after March 1.
They join other price hikes that marketers informed customers about in recent weeks, including:
- by ExxonMobil, 5 percent on branded and unbranded lubricants and greases, effective Feb. 22;
- by Chevron, up to 5 percent on lubricating oils and greases, effective March 6;
- by Omni Specialty Packaging, 5 percent to 8 percent on all bulk and packaged lubricants, greases and chemicals, effective Feb. 22;
- by Cam2 International, 5 percent to 8 percent on bulk and packaged products, effective Feb. 13;
- by Shell, 5 percent on finished lubricants, effective Feb. 20.
The last widespread price movement was a round of increases in the U.S. that took place in the July-August period last year.