ExxonMobil Plays Catch Up While Shell Undergoes Quarterly Indexing Review
ExxonMobil, which sat out the most recent round of price increases, will be increasing prices on finished lubricants effective September 15, 2022. According to ExxonMobil, market dynamics have been evolving driven by continued global and regional imbalances in the supply and demand of raw materials for lubricant production. The market conditions have resulted in further increases in costs for additives, basestocks, transportation and manufacturing. ExxonMobil outlined everything in their Price Increase Letter.
Shell continues to see inflationary pressure across their lubricant supply chain, as well as supply tightness in the additives market and other raw materials. On October 1, 2022 Shell Oil Products will be implementing a price increase, with the level of change varying by product. You can learn important details on order and delivery requirements including order size in the Shell Pricing Change Letter.
Fuchs also recently announced a price increase of 8-12% for both petroleum and non-petroleum based lubricant additives. They cite base base oil prices and many other raw materials in their Price Increase Letter Price Increase Letter.
If your business is struggling with runaway costs, SCL Representatives are working every day with companies to identify cost saving strategies. Contact them for solutions. You can also view our Cost Savings Strategies Guide.