Chevron announced a posted price increase this week, a week after Excel Paralubes had communicated a similar initiative, ushering in the fourth increase on API Group I and Group II grades since the beginning of the year. The markups were said to be driven by a tight supply and demand scenario, steep crude oil and feedstock prices and other climbing production costs.
Chevron informed customers that the producer would be increasing the posted price of its Group II 100R and 220R grades by 25 cents per gallon and its 600R grade by 30 cents/gal, with an effective date of May 10, “to reflect current market conditions,” the company explained.
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Last week, Excel Paralubes lifted its Group II 70N and 110N base oils by 15 cents/gal, its 225N cut by 20 cents/gal and its 600N grade by 25 cents/gal as of May 4.