Following Chevron's announcement last month, ExxonMobil, Phillips 66, Shell, CITGO, Castrol and Valvoline all announced this past week they will be decreasing finished lubricant prices.

In a letter dated January 12, 2015. ExxonMobil Fuels, Lubricants & Specialties Marketing Company announced that effective February 2, 2015, ExxonMobil branded and unbranded lubricants and greases (i.e.commercial and passenger vehicle, industrial and marine lubricants and greases) will decrease in price up to 3.5 percent. ExxonMobil said different price treatment may apply to selected products. Aviation product prices will not decrease at this time. Due to factors impacting the market for aviation lubricants, there will be increases to specific aviation product families effective February 16, 2015.

In a letter to its Lubricants Marketers dated January 12, 2015, Phillips 66 Lubricants stated that effective Monday, February 2, 2015, it will decrease posted prices up to 4.5% for most finished lubricants products. The letter went on to state that depending on product-specific factors, prices for some products could fall outside this range.

Then the very next day, in a letter dated January 13, 2015 to its customers, Shell Oil Products US announced it will implement a price decrease of up to 3.5% on finished lubricants effective January 19, 2015. Shell stated "this adjustment is the result of competitive factors in the marketplace, including the decreasing costs of raw materials used in the production and delivery of our products. In certain instances, the effective date and/or the amount of the price change may fall outside of these parameters".

In a letter dated January 15, 2015 to its customers, CITGO Petroleum Corporation said it will reduce most finished lubricant prices in the CITGO,Mystik and MileMaster brands up to 5% effective January 16, 2015. Some product pricing may fall outside of this range depending on product specific factors. CITGO went on to state that "this decrease is in response to overall market changes that have occurred over the past several weeks".

In a letter dated January 15, 2015 to its marketers, Castrol Lubricants NA announced it will reduce prices up to 3.5% on some passenger car, commercial and ancillary products. This change applies to all package types and is effective Monday, February 16, 2015. In some instances, price changes for certain products may fall outside of this general percentage amount or may not change.

Valvoline then announced it will decrease lubricant prices by up to 3.5%, effective February 2, 2015.

These announcements follow that of Chevron on December 19 in which Chevron became the first major finished lubricant supplier to announce a price decrease since lube base oil and crude oil prices began their 2014 drop. Chevron announced a general posted price decrease for its lubricants, gear oils and greases by up to 3.5% for most SKU's, effective February 6, 2015.