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President of the Íllora olive oil cooperative observes the good growth of the olive trees, with olives already at pea size. Pepe Marín
Experts reveal the future of olive oil prices in Spain: 'It will be expensive until Christmas'
Consumer affairs

Experts reveal the future of olive oil prices in Spain: 'It will be expensive until Christmas'

Despite the good news of a confirmed harvest for the 2024-25 season, shoppers will still have to wait to see cheaper oil on supermarket shelves

Mercedes Navarrete

Granada

Tuesday, 11 June 2024, 13:43

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There will be an olive harvest in Spain this winter, good news that follows two disastrous seasons, in which production suffered a 50% drop in the case of Granada province due to the drought.

This takes pressure off the markets, with the price of olive oil set to go down as a result, however experts warned the consumer will still need to pay high prices until at least Christmas.

According to the Infaoliva web portal, the price is decreasing from record highs with a litre of extra virgin olive oil now costing 7.80 euros at source. This is almost one euro less than the price at the beginning of the year, when the producer charged 8.70 euros, which is a bit more expensive in the supermarket. Experts believe the price of oil will continue to fall until the end of the year. However, the million-dollar question is, how far will it fall?

"The link with the previous season is very tight, there may still be market tensions, although the season is starting earlier until November, the market cannot be supplied with oil on a large scale, so we are going to pay dearly until Christmas," Rafael Almirón said.

Along the same lines, the manager of the Cooperativa San Sebastián de Benalúa de las Villas, Eduardo Valverde, said the price of oil will fall more sharply from September onwards. "We have an accumulated oil stock of less than 230 million kilos, which is very low, but if the good harvest is confirmed, in four months we will be producing new oil and the price adjustment will come. The best news for everyone would be if it were not drastic. The reasonable thing would be for the litre that is now at eight euros to go down to six," Valverde said.

However, in his opinion, the price of oil will not drop again to the extremes of 2019 and 2020, when the litre plummeted to two euros. "Several years will have to pass with continual good harvests, which will allow us to fill the oil cellars and leave a stock that is not temporary but permanent for the price to fall so much again," he added.

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