Prices of local lubricants in Saudi Arabia likely to rise in May
According to Al-Sharq, a newspaper based in Dammam, Saudi Arabia, prices of lubricants are expected to increase by at least 12% in May. The report cited industry sources who said that the increase will involve only local lubricants. The prices of lubricants rose 15% early this year. Shannan Al-Zahrani, a member of the national commercial committee, said that the companies are exploiting the fact that there is a lack of proper market supervision. He explained that the reasons given by the companies, including rising costs of raw materials and transportation, 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,“ Al-Zahrani pointed out. (April 14, 2012)
