Received a press release today from the Independent Lubricant Manufacturers Association (ILMA), that trade group represent the nearly 300 companies that manufacture nearly 25 percent of all lubricants in the country. ILMA reports that it is preparing to submit comments to the Federal Trade Commission renewing its criticism of pricing practices by major oil companies.
ILMA charges that these companies are raising prices on base lubricants with “effective immediately” timeframes, yet delaying price increases on finished lubricants for up to 60 days, in effect “squeezing” ILMA members, most of whom have to raise their finished lubricant prices immediately to compensate for the higher prices on base lubricants.
ILMA hopes to convince the FTC to prohibit what it calls “market manipulation.”
Sounds like higher prices are putting everyone in a cranky mood.