“By 2015, we expect prices to drop further by 30-40 per cent as the economic and political situation in the country stabilises,” said Dalmia. In 2006, the olive oil category had faced a similar situation and it took nearly two years for prices to correct. At that time, premium olive oil brand prices had dropped to nearly Rs 250 a litre.
Olive oil imports also slowed down due to the depreciating rupee. “The rupee has stabilised and imports will go up. Indians have become health conscious and this will have a positive impact,” he said. Today, almost 60 per cent of olive oil imports is from Spain, where brands such as Borges and Figaro come from, and the balance is from Italy.
Source thehindubusinesslineIndia: Olive oil prices may fall 20%,