Domestic refiners have raised lubricant prices or notified dealers of plans to do so. The move comes as crude supplies have become difficult and global oil prices have risen after the Strait of Hormuz was effectively blocked by the Middle East crisis.
According to the refining industry on the 3rd, SK Enmove raised lubricant prices by about 5% in early March, right after the war, and on the 1st notified dealers of an additional 15%–30% increase for all lubricant grades. The April increase will take effect starting on the 13th.
HD Hyundai Oilbank also raised lubricant prices by about 5% right after the war and applied an additional double-digit increase starting on the 1st. S-Oil TotalEnergies Lubricants (STLC), an S-Oil affiliate dedicated to the lubricant industry, increased prices for all lubricant products by 18%–35% in March. GS Caltex likewise raised lubricant prices by a similar magnitude.
A refining industry official said, "Base oil, the raw material for lubricants, comes from the crude refining process, but crude supply itself has been disrupted, and as international oil prices have risen, it needs to be reflected in lubricant prices," adding, "Imports of additives that must be blended into base oil to make lubricants have also increased due to higher ocean freight."