Consumers using various categories of lubricants will have to wait for price relief as manufacturers are working out the impact following a late drop in lube base oil (LBO) price by a local refinery.
Crude oil prices in world markets have plunged by at least 25 per cent in the last two and a half months and consumers witnessed up to 11pc drop in petroleum product prices from November 1, 2014.
However for lubricants, the manufacturers will take time as a leading refinery has reduced the price of LBO by about 10pc on different grades effective from November 10, 2014. Lubricants contain 70-90pc LBO depending on the grade while the rest are additives.
Retailers said they have not been intimated regarding any immediate or late price cut in automotive lubricants in near future.