Olive oil prices have risen up to 20% in the past two weeks as output has fallen in the main producing countries. Suppliers such as Cargill, Field Fresh and Borges may raise it further this year, which can hit demand.
“Olive oil production in key producing nations like Italy, Greece and Tunisia has remained low. This has led us to correct olive oil prices in retail since the past fortnight by as high as 15% to 20%,” said Rajneesh Bhasin, MD at Borges India.
According to him, Italy and Spain contributed 96% of total import of olive oil in the country.
Bhasin said the current retail price of pomace oil, which was cheapest in the olive oil category, has seen a 15% increase and is selling at Rs 350-375 a litre, while extra light or refined oil is up 20% at Rs 650 a litre and extra virgin oil is up 15% at Rs 750 a litre.Olive oil prices have risen up to 20% in the past two weeks,