Costco hikes motor oil prices and puts limits on how much members can buy

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Costco

Costco is a membership-only warehouse club that sells a wide variety of products in bulk at discounted prices.

27 videos24 creators

Why it worked

The video highlights a significant price increase and purchase limits on a common consumer product (motor oil) from a popular retailer (Costco), tapping into consumer concerns about inflation and supply chain issues.

Summary

Costco has increased the price of its private-label Kirkland brand motor oil, with a 5-quart, 2-pack now costing $58, up from $30 last year. Additionally, the retailer has implemented purchase limits, restricting members to two boxes of motor oil per week.

Structure

1Introduction of ripple effects from higher energy prices
2Costco raising prices on private-label motor oil
3Specific price increase from $30 to $58 for a 5-quart, 2-pack
4

Original caption

Wholesale retailer #Costco has limited member purchases of motor #oil to two units per week and raised the price. Oil prices have risen amid ongoing conflict in the Middle East and most recently Saudi Arabia’s closure of the East-West oil pipeline. Read the latest at the #linkinbio or the link on screen. #CNBC

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Product placement

Costco: a wholesale retailer that sells motor oil under its Kirkland brand. It ACTS by raising prices and limiting purchases of its private-label motor oil. Removing it would change what happens in the video. Kirkland: Costco's private label brand. It APPEARS as the brand of motor oil sold by Costco. Removing it would not change what happens in the video. CNBC: a news organization. It APPEARS as a watermark and on-screen text. Removing it would not change what happens in the video.

Call to action

Read the latest at the #linkinbio or the link on screen.

On-screen text

CNBC SQUAWK BOX Costco hikes motor oil prices and puts limits on how much members can buy COSTCO COST 915.99 -2.92 -0.32% EXTENDED HOURS CNBC MARKET ALERT STREAM CNBC+ COSTCO LIMITS PURCHASES OF PRIVATE-LABEL MOTOR OIL, RAISES PRICES

Transcript

We are seeing ripple effects from higher energy prices. This one I don't know, it's oil, right. Costco is raising the price of motor oil, private label, sold under its private label, Kirkland brand. A 5-quart, 2-pack now goes for, it's the change, it's really notable here, not that oil is going up, not that oil is going up, but it's $58 up from $30 last year. Costco also limiting purchases to two purchases to two boxes a week. It also puts quantity restrictions on mobile, one full synthetic motor oil.