An aerial view of an oil refinery. (Source: Shutterstock)
Industrial servicer Clean Harbors Inc. said Nov. 11 that its Safety-Kleen subsidiary is increasing pricing related to collecting and managing used engine and industrial oil, targeting its customers in the U.S. and Canada.
The changes, effective immediately, come in response to lower value and return on Clean Harbors’ re-refined products due to price declines in base oil, vacuum gas oil and recycled fuel oil, the company said.
Current market conditions show no signs of easing, particularly with softening crude oil prices, according to Brian Weber, president of Safety-Kleen sustainability solutions (SKSS).
Weber said rate increases are needed to address market pressures and maintain the financial performance of its SKSS segment.
While the specific extent of the pricing changes was not disclosed, the company stated that they would be significant.
Additionally, Clean Harbors is expanding its stop fee program to recoup some of the transportation and labor costs associated with its oil collection services, “which have experienced meaningful inflation in recent years,” Weber said.
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