The wholesale price per liter of extra-virgin olive oil has jumped from 7.5 Turkish Liras (3,4 US$) to nearly 10 liras (4,4 US$) over the last month.
Low olive oil production in Turkey, combined with indications that output in Spain and Italy will likewise remain low this season, has triggered fears that the Mediterranean product will see a large price hike this year.
Since the season began last month, the wholesale price per liter of extra-virgin olive oil has already jumped from 7.5 Turkish Liras to nearly 10 liras.
Meanwhile, producers are reportedly holding onto their stock, expecting that the prices will rise even higher, as some sector representatives have warned against a possible boycott by consumers.
“People may react if the consumer price goes over 20 liras, this might cause a boycott,” said Cahit Çetin, the head of Tariş, an olive and olive oil cooperative.