With lube base oil prices falling significantly during the past couple years, while finished lubricant prices remained unchanged since mid January 2015, we knew that sooner or later finished lubricant prices would eventually fall.

ExxonMobil advised its marketers earlier this month that they would decrease the price of its branded and unbranded lubricants and greases by up to 3%, effective February 26, 2016. On the same day that ExxonMobil dropped its prices, Castrol announced a 2% price decrease on its passenger car and commercial lubricants, effective March 14, 2016.

Shell announced in a letter dated January 22, 2016 to its customers that effective January 25, 2016 SOPUS Products was implementing a price decrease of up to 2% on finished lubricants.

Valvoline announced a price decrease the next day, advising its marketers that it will decrease prices on lubricant products by up to 2%, effective March 1, 2016.

The last round of finished lubricant price decreases was over a year ago. Following Chevron's announcement in December 2014, ExxonMobil, Phillips 66, Shell, CITGO, Castrol and Valvoline all announced in January 2015 they were decreasing finished lubricant prices. These price decreases ranged from (up to) 3.5% by ExxonMobil, Shell, Castrol and Valvoline to a maximum price decrease of up to 5% by CITGO with effective dates ranging from mid January to early February 2015.