June 25, 2024

Athens News

News in English from Greece

Optimism about olive oil production this year. The price is gradually falling


In the last month, there has been a reduction in prices for olive oil from producers, although the product has not yet reached the end consumer.

The preliminary assessment of olive oil production in our country this year is very optimistic, although more reliable conclusions can be drawn in about a month. “At the moment, the olives are at the flowering stage, and in about a month the fruit will begin to form. Then it will be possible to make a more accurate estimate. We are very optimistic (provided that the fruits develop normally),” Manolis Giannoulis, president of the Interprofessional Organization for Olive Oil (EDOE), told the Athens-Macedonian News Agency.

Although no firm conclusions can be drawn, there is a feeling that the harvest will be higher than last year, which was estimated at 130,000-150,000 tons, a record low.

“Producers have already reduced prices by 1-1.30 euros per liter,” said Mr. Giannoulis. “Consumers will gradually see this, in about one and a half to two months.” Today, producers sell extra virgin olive oil at prices ranging from 7.80 to 8.20 euros per liter, while a month ago prices were 9.30 to 9.50 euros per liter.



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