Price of motor oil rises as supplies fall due to the war in Iran
Auto shops are having trouble keeping motor oil in stock for their customers. At the same time, that lack of supply is bumping up costs, which customers are having to eat when getting an oil change.
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Are you planning to schedule an oil change for your car any time soon? If so, be prepared to pay more, as supplies of motor oil are dwindling due to the war with Iran. That’s also making motor oil much more expensive for auto shops to buy.
At R-A Automotive in Waldwick, mechanic Ron Ananian says his supplier has put him on a two-case-a-week restriction due to a lack of supply. He’s also paying $72 more per order of oil, an extra cost which he has had to pass along to loyal customers.
Ananian says he's increased the price of an oil change by 15%.
“I can’t go out and get oil at the snap of a finger anymore. I used to keep 24 to 48 hours' worth of oil in-house. I now keep two months. Because I don’t know where the bottleneck is going to happen and I can’t get it," he says.
It’s an issue nationwide, which is linked to a lack of supply leaving the Middle East through the Strait of Hormuz. This has already impacted gasoline prices. In New Jersey, the average price for regular gas is $4.40 a gallon, while nationally it’s $4.50.
It’s also had an impact on retailers. Costco has raised prices on some of its oil from $30 to $58 while limiting the amount each customer can buy.
