ExxonMobil seeks $60/tonne increase for Europe base oils - buyers

09 May 2011 17:30  [Source: ICIS news]

LONDON (ICIS)--ExxonMobil will seek $60/tonne (€42/tonne) increases for all of its grades of Group I base oils in domestic European markets from 24 May, the second price hike this month, customers said on Monday.

The company raised prices for SN150, SN600 and brightstock by $50/tonne on 6 May. The $60/tonne increase will be its fifth European price rise this year.

Since February, other producers have also raised European prices in steps, citing higher crude oil prices and the higher cost of the feedstock vacuum gasoil as justification for the increases.

Before ExxonMobil’s 6 May price increases had been taken into account, ICIS on 3 May quoted domestic prices for the main SN150 grade at $1,3801,420/tonne FOB (free on board) NWE (northwest Europe).

ExxonMobil has not commented on the timing or extent of its price increases.

($1 = €0.70)

For more on ExxonMobil visit ICIS company intelligence

By: James Mills
+44 208 652 3214

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