The value of olive oil has increased exponentially in some Portuguese supermarkets, in just one week, and has reached more than €13 for a 750 ml bottle of olive oil.
The price of olive oil was expected to rise this year, due to adverse weather conditions, including high temperatures and drought, however, the increase is even greater than initially predicted.
“As there is no product stock, all new purchases made from suppliers since September 1st this year already reflect these increases.”
According to Portuguese news website NiT, Minipreço, bought by Auchan Portugal in August, is “charging olive oil prices almost €3 above the market average for an equal product. A bottle of Gallo gourmet extra virgin olive oil already costs €13.62, while the essential gourmet extra virgin olive oil from the Oliveira da Serra brand costs €13.86”.
Minipreço has already spoken out, justifying that the price rise is related to production losses and lack of stock.
“As there is no product stock, all new purchases made from suppliers since the 1st of September this year already reflect these announced increases, with the consequent transposition to the linear stores of our stores”, the official source explained.
Mariana Matos, general secretary of Casa do Azeite, a private association that deals with the marketing and labelling of olive oil, explained that the prices charged in Spain are very similar to those charged in Portugal. Unfortunately, this may not be good news, as the price increase in Spain could further affect the Portuguese market.
Spain leads the world olive oil sector, and any relevant event in this country has a direct impact on the dynamics of the Portuguese market.
