International oil prices soared domestic oil prices skyrocketing

In recent days, some lubricant brands have seen price hikes that exceed two cost reports. “Just got up!” said reporter Lin Run, who visited a Sinopec Great Wall Lubricants sales point on Hubin South Road. The staff there were still explaining the latest price increases to customers. Lubricants are essential for machines and vehicles, and now, in Xiamen, they’ve been hitting the headlines with rising prices. Some brands have gone up by more than 20%, making it hard for consumers to ignore. “Customers come in, look at the price, and immediately ask why it’s gone up,” said a staff member at a local lubricant shop. “We have to explain patiently.” Recently, oil prices have been fluctuating rapidly, with frequent adjustments that can be quite significant. For example, a gasoline engine oil that was priced at 30 yuan per barrel at the end of last year has now jumped to 46 yuan per barrel—rising several times this year. It’s unclear whether the price will go up again soon. Sinopec made a major adjustment on March 6th, updating the prices of hundreds of products under its "Great Wall" brand. According to an official from the Sinopec Xiamen Lubricants Sales Department, the average increase was around 20%. “Compared to the same period last year, the rise is about 40%,” they added. Similarly, PetroChina's Kunlun Lubricants also raised prices in February, with some products seeing another increase on March 3. The next round of adjustments may happen as early as March 12. Even Shell, a well-known foreign brand, has been raising its prices. A 4-liter bottle of their lubricant now costs around 90 yuan, and the trend is upward. “Foreign brands are generally 30% more expensive than domestic ones, and they don’t adjust prices as frequently,” said a manager at a lubricant shop. “But when they do, the changes are more precise and impactful.” The main driver behind these price hikes is the fluctuation in international oil prices. Lubricants, gasoline, and diesel are closely related. As one industry insider put it, “Lubricant prices can't escape the influence of global oil prices.” The raw material for lubricants is base oil, which comes from crude oil. With international oil prices constantly shifting, base oil prices have followed suit, causing finished lubricant products to rise sharply. Since the start of last year, base oil prices in China have surged dramatically. Some types of base oil have increased by as much as 100%, while others have risen by over 40%. Experts suggest that the lubricant market is still far from reaching its peak. Unlike gasoline and diesel, which are regulated by the government, lubricant prices are more flexible and directly influenced by global oil trends. Currently, international oil prices remain high, hovering around $60 per barrel. This means that the domestic lubricant market still has room to grow in terms of price increases. With such widespread applications—from factories to ships—lubricants are used in nearly every industrial setting. The recent price surge has started to affect consumer behavior. Some customers are extending the time between oil changes to cut costs. “It’s like a meal,” said a shop employee. “When the price goes up, people eat less.” This shift in consumption habits shows how sensitive the market is to rising costs.

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