LIFO or Last In Last Out method of inventory valuation is being used by what type of businesses/industry?

LIFO

The "Last In, First Out" method of inventory entails using current prices to count a measure called "the cost of goods sold," as opposed to using what was paid for the inventory already in stock. If the price of such goods has increased since the initial purchase, the "cost of goods sold" measure will be higher and thereby reduce profits and tax burdens. Nonperishable commodities like petroleum, metals and chemicals are frequently subject to LIFO accounting.