As you may have already heard, many of the major lubricant manufacturers have announced a third price increase in 2018, beginning July and August.
ExxonMobil was the first major to move with an announcement on June 1, increasing prices up to 9% effective July 1. TOTAL followed on June 8th and within 26 days all other majors announced price increases. A timeline of the recent round of prices increases can be found here.
Two of our major suppliers, Chevron Lubricants and Valvoline, announced a general increase of up to 9% on all its lubricating oils and greases. The increase will be effective August 1, 2018.
In all cases, the drivers for the price increases are said to be increases in the cost of base oils, additives, packaging, and transportation.
Read more for the full summary of price adjustments JobbersWorld reported on for the third round of increases for 2018.
As this is the third price increase this year, we understand the impact of this news and how it may affect your business. We will strive to support your business by creating a plan to manage the price increases the best way possible. Greg’s Petroleum Service strives to deliver quality products at affordable prices. For questions on how price increases across the industry may impact you, please contact us today.