Olive oil, essential part of Greek cuisine, becoming luxury due to skyrocketing prices

By Ahmet Gencturk

ATHENS (AA) - Olive oil, an essential part of the Greek culture and cuisine, is becoming a luxury good because of skyrocketing prices, the president of one of Greece’s major olive producers’ union said Saturday.

The wholesale price of olive oil in Crete, one of the country’s biggest olive oil producing regions, is currently around €8.40 ($9) per liter, which means its retail price would be around €12 to €15 during the winter, Myron Chiletzakis, vice president of the Heraklion Agricultural Cooperative (EASH) told major broadcaster OpenTV.

Also speaking to public broadcaster ERT, he argued that 80% of the country’s olive oil production is exported and that is also behind skyrocketing prices domestically.

Chiletzakis said that Greece, as Türkiye did, should have banned the olive oil export to prevent that situation.

Olive oil has become a luxury good with its average price on shelves reaching €13, he said, noting the price rose 35% in August alone.

The Turkish Trade Ministry announced Aug. 1 a three-month export ban on olive oil in bulk and in barrels because of the shortage of olive oil production in Mediterranean countries and subsequent negative effects on domestic prices.