Prices of Saudi Lubricant Oils Likely to Rise

Resource from: Zawya Likes:2979

Apr 16,2012

Prices of locally-manufactured lubricant oils are expected to rise by at least 12 percent in May, the Dammam-based Al-Sharq newspaper reported yesterday. The report, citing industry sources, also said the Saudi lubricant oil companies had informed the distributors to expect the increase in 17 days. The increase is likely to cover only local lubricants. The sources said there was no justification for the move by the firms because they had already raised the prices by around 15 percent early this year. Shannan Al-Zahrani, member of the national commercial committee, said he believed the companies wereexploiting the lack of proper market supervision. Al-Zahrani said the reasons given by the companies such as soaring costs for raw materials and transport were not convincing enough. "The crude oil prices fluctuated between $90 and $148 during the past two years but the prices of lubricant oils did not decrease during this period, he pointed out. He claimed that the high international oil prices had no direct link to the increase in prices of local lubricants. "The companies are doing this by themselves and for no good reason," he was quoted as saying.

(Zawya)

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