One of the most expensive products this past year was olive oil and everyone is waiting to see what prices this year’s crop will sell for. The olive oil producer Myron Hiletzakis
spoke to “Sociia Ora MEGA”.

Little before the olive harvest, in many regions of the country, forecasts for this year’s crop and the final retail price of olive oil are conflicting.

Crete will begin harvesting from mid-November, while small quantities have been harvested in Laconia.

“The 7 euro/litre mill price is happening in many mills in the country. The oil varies to the producer from 5 euros to 7, so the olive oil mill has the possibility, legally and fiscally and with a receipt or invoice to do so,” the producer said.

“In 2022-23 the country produced 350,000 tonnes of oil. The traders took advantage of this and we saw 80% of the oil being bought from 4.5-5.5 euros and after 3-4 months we see it in the supermarket from 12 euros to 17 euros. pure obscenity,” he added.

The Commission’s forecasts for olive oil production in Greece

From 175,000 tonnes in 2023-2024 to 250,000 tonnes in 2024-2025 + 42.9%

But… the drought “hit” the olive trees

Quantitative and qualitative damage

-Problems in the yield of the olive crop
-No production in many areas
-High yields: up to 70€ – 80€
-High costs for medicines, water, electricity

-High costs for medicines, water, electricity

Oil: At what price the producer is selling this year

What is the price of olive oil in this year?
Lowest: 9€ – 10€ last year

5 – 7€ this year

“Elevator” producer price

The price of the product is “high”
The price is “high”
The price of the producer’s product is “high”
About the drought: “There was a forecast for our country of 230,000 – 250,000 tonnes this year. This forecast is not feasible yet. We were expecting rainfall but it rained a little bit. With the data they have so far, the forecast cannot be realised because the olives are dehydrated. Oil prices are not set by Greece, they are set first by Italy and second by Spain. These two big industries have been playing a game for the last 15 days, which is why we are seeing some unrealistic phenomena on the market. 10 days ago oil was 7.80 and now it’s 5.80. European stocks are at zero. Fresh oil hasn’t come out. It’s the drought in Greece and Italy. With 10 kilos of olives we get one kilo of oil. If it had rained, then we would have needed 4 kilos of olives for one kilo of oil,” he added.

-Laconia: 6,30€ on Saturday (from 6,50€ on Friday)
-Crete: 5€ Sunday (from 7,50€ 10 days ago)
-Messinia: 6€ weekend (from 6,80€ last week)
-Olive oil: But at the same price in supermarkets
-From 7,25€ to 16,20€ / litre (not yet reached this year).