Oil price set to soar – Spain News

THE price of olive oil is set to double compared to last year, due to the poor harvest.

The price paid to producers is expected to rise to €3.50 per litre, which will in turn affect how much manufacturers and retailers will charge their clients.

This is mainly due to the fact that fewer than 800,000 tonnes of oil are expected to be obtained from the latest harvest, compared to the record amount of 1.61 million tonnes obtained the previous year. This was due to the lack of rain and excessive heat.

The Secretary General of the Spanish Federation of Olive Oil Manufacturers (Infaoliva), Enrique Delgado, said that the poor weather conditions could lead the amount to be even lower, and suspects it will around 600,000 tonnes, a level which hasn’t been seen since 1995.

Delgado says that supermarket supplies of olive oil will not run out, because there are 709,000 tonnes in reserve and there is lower demand.