Turkish government announced minimum domestic price of olive

Olive oil season started in Turkey and prices seem to be volatile going forward. Turkish government announced the minimum domestic purchase price in order to protect the farmers for “olive suitable for oil” as 7TL per kg (USD 0.72) as of October 2021. The announcement was made while also considering the competition with Spain by setting the prices of olive oil below 3 Euro per liter. However, producers of oil are claiming their profit margin is low, and prices are expected to go higher based on the announced price of olive in the domestic market.