Olive oil price on the rise: It could reach 600 Turkish Lira per liter

According to Ekonomim’s report, olive oil experienced a golden season last year, both in terms of price and yield. However, this season is expected to see a significant decrease in yield due to low production and a high inflationary environment.

According to industry representatives, there will be a ‘significant increase’ in olive oil prices. Around this time last year, the price of 1 liter of olive oil was approximately 115 Turkish Lira. Now, the price has exceeded 300 Lira, and it is estimated that it could reach up to 600 Lira.

‘The only solution is government subsidy’

After announcing the olive oil purchase price as 295 Lira, Tariş Olive and Olive Oil Association stated that they could make a new price adjustment if necessary. The President of the Edremit Gulf Olive and Olive Oil Producers Federation, said that the price announced by Tariş correspondede to 300% of the previous year and continued: “As stated by the National Olive and Olive Oil Council (UZZK), there is about a 60-65% product shortage in Turkey compared to the previous year. Moreover, the quality is much lower than in previous years. If prices continue to rise, we will lose our consumers. The retail price is currently around 400 TL, and if this shortage continues, it will fluctuate around 500-600 TL. This will alienate us producers from consumers. Turkey’s per capita olive oil consumption, which has reached 1.8 kilograms, will decrease significantly.

 This poses a danger to the sector in the coming years. Olive oil producers have sold their products below their value for years. The only solution is for the government to subsidize. This is how the decline in consumption will stop.”