Will the price of the oil go up?
Our beloved liquid gold is an indispensable of the Mediterranean diet, that is why it is not surprising that your price increase has made all the holders in recent weeks.
Yes, the price of olive oil soars. and, as Producers of the AOVE Premium of Aragon, we have thought it appropriate to pronounce on this.
Will the oil price increase even more in the coming months? What is the price increase? How much does a liter of oil cost today?
In this post of Beloleum We will clear all your doubts. Don’t miss it!
How much is the oil in Spain? How much does a liter cost in our country?
The rise in the price of olive oil has not gone unnoticed in our country. And it is that in just one year The value of this basic product in our kitchens has practically doubled.
This increase has affected all types of oil, and especially the highest quality: extra virgin olive oil. According to data from the Ministry of Agriculture, Fisheries and Food, the price of a liter of oil at origin has passed of 3.57 euros/liter at 8.45 euros/liter at present.
Why does the price of olive oil rise?
What is this climb due to? Well, the reasons are very varied and, in fact, it is not a new phenomenon, but they have been up since 2021.
The main causes are:
- the drought Climate change, high temperatures and the absence of rainfall have a lot to do with the rise in oil. drought implies a poor olive harvest, so Up to 50% less has been produced than before. Thus, the duration of the campaign is getting shorter and shorter. There is little product, and potential demand exceeds supply.
- the Ukrainian war. The Russian invasion of Ukraine of February 2022 led to the rise in food prices. Sunflower oil was one of the most affected products, since Ukraine was one of the great exporting countries of it. People then began to choose to buy olive oil, but this caused the reserves of the oil mills to descend. To all this, other factors have been added, such as Russia’s recent decision to put an end to cereal exports through the Black Sea.
- The rise of fertilizers. The oil production costs have also been gradually increased by the rise in fertilizers, irrigation systems and fuels of field tools.
- The higher the cost, the lower the consumption. In a shortage situation, the value of olive oil is triggered by the market’s own self-regulation. And, when a product is more expensive, people start to consume less and less.
How far will the price of olive oil go up?
So the price of olive oil will continue to rise even more? Most likely. Experts claim that It doesn’t take long for it to reach 10 euros per liter.
And it is that this year the estimates indicate that a total of 700,000 tons of olives will be produced, which is almost half of what was produced in the previous campaign.
Some agricultural cooperatives are trying to reach agreements, as is the case for example in Jaén, where producers have proposed to grind all the olives at a single point. to reduce costs and alleviate the crisis.
Drought, one of the big problems for olive oil
As we have mentioned, drought is one of the great culprits of the rise in olive oil. This has caused the worst campaign of our century And, although the next harvest is likely to be something better, it will continue to be far from what is desirable. That is why the 2023 forecast is not very optimistic.
The average temperature of our planet will not stop rising, but rather the opposite. In addition, the weather phenomena will be increasingly pronounced. Not only will there be two very short harvests in a row, but there may not be enough product to link one with the other.
Beloleum, a quality gourmet EVOO that has barely risen in price
One of the biggest concerns of the population is that a basic such as olive oil finish becoming a gourmet product without really being it. Faced with this situation, many customers have chosen to start consuming other cheaper but poorer quality vegetable fats, such as olive pomace oil.
At Beloleum we have been producing quality liquid gold for many years, coming from our family mill, located in the Belchite countryside. The rise in prices has been inevitable, but unlike other producers, and in order to support our consumers, we have carried it out below the market rise.
This means that the retail price of our Premium EVOO has barely risen despite the bad harvests, and its quality is still above what you can find in any supermarket. In fact, you can only get it in selected establishments, such as the Best gourmet shops in Zaragoza.
In its three varieties, our gourmet product is a pleasure for the five senses. If you are looking An oil with an unbeatable value for moneyWhat are you waiting for to prove it?
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