Olive oil: Let’s call the oil… oil – Big reduction in production, prices soar – Newsbomb – News

Olive oil: The productions of the olive producers all over the country are decreasing and the prices on the shelves… are increasing!

The Europeans will say oil is… oil this year, with production reduced by 40% compared to last year, while there is a stir in the domestic market as to what prices will reach on the shelf, at a time when stocks are at historic lows and already the retail prices start from 11 and reach 17 euros/literdepending on the standardization company.

Indicative of the prevailing situation is the dramatic reduction in production in Crete. “It won’t even be enough for the oil of the year,” says the President of the Olive Producers of Crete, Mr. Ieronymakis, who requested the intervention of the Competition Commission for the prices on the shelf, speaking to ERT.

It is estimated that this year Crete will not exceed 25,000 to 30,000 tons of olive oil, when last year it produced around 135,000 tons.

According to the Commission, in mid-July the average producer prices of extra virgin olive oil in the EU ranged from €600/100kg (€6/kg). In our country, the prices of extra virgin olive oil at the producer reached 720 euros/100 kg (7.2 euros/kg), with a continuous upward trend.

Based on the price list of the Association of Olive Producers of Crete, prices range from 7.7 to 8.5 euros per kilo for the small quantities traded these days by the producers.

Private label products, as well as offers in some codes, give consumers a temporary solution, while in some cases, tins from producers with limited stocks are “released” at prices up to 8 euros/liter, a price that also dominates auctions in the olive growing areas Crete and Peloponnese.

And while there is no lack of voices for the imposition of a price increase on oil, the Ministry of Development clarifies: “We cannot impose a ceiling on the producer. But we are checking the profit margin and we have legislated that a company that sells basic household items cannot have a higher profit margin than it had in 2021. We have sent checks to companies and printers.”

However, as market representatives point out, the imposition of devaluation would lead on the one hand to greater losses for producers and on the other hand to large shortages in the market.