Olive oil prices face downward pressure amid rising production costs

International olive oil prices remain at low levels, driven largely by market pressures from Spain, where producers are increasing sales of existing stocks before the new harvest season begins. In the Italian market, extra virgin olive oil from the Peloponnese region is priced between €3.30 and €3.40 per kilogram.

In Greece, extra virgin olive oil is recorded at €3.35–€3.45 per kilogram, slightly higher than the Peloponnese regional prices. Meanwhile, Spanish Picual extra virgin olive oil from Andalusia is trading lower, between €3.10 and €3.30 per kilogram, and Tunisian extra virgin olive oil remains highly competitive at €3.20–€3.30 per kilogram.

Greek producers are facing significant economic challenges. Giorgos Kokkinos, president of the Nileas Producers Group, noted that while wholesale prices have fallen to just above €3 per kilogram, production costs have surged to between €4 and €4.50 per kilogram, driven by a 30% increase in fuel costs. Kokkinos highlighted a significant gap between farm-gate prices and retail prices, stating that while oil leaves producers at approximately €3, consumers may pay €6 to €7 in supermarkets.