Spain: COAG asks the Government to force an investigation into the drastic drop in the price of olive oil

Published 2024년 12월 17일

Tridge summary

The Andalusian farmers' organization, COAG Andalucía, has called for a competition investigation into the sudden drop in olive oil prices, which has fallen below production costs. The price of extra virgin olive oil in Jaén has reduced from eight to three euros per kilo. The organization suspects artificial price fixing and lacks the means to access the necessary evidence. Despite higher harvest forecasts, oil stocks are lower than the previous year. The organization has also urged large oil groups and cooperatives to prevent artificial price lowering.

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Original content

The Andalusian Coordinator of Farmers and Ranchers Organisations (COAG Andalucía) has asked the Government to force a Competition investigation into possible agreements in the purchase and sale of olive oil at source, given the suspicion that prices are being forced drastically downwards, even below production costs. According to the organisation, the latest data from PoolRed with average prices for the last week show that the price of olive oil has gone from eight euros at source to just under three euros in just a few weeks, specifically the average price of extra virgin olive oil (the highest category) in the province of Jaén has been 3.86 euros per kilo. Juan Luis Ávila, head of Olive Groves at COAG, says that “everything indicates that there is an artificial drop in the price of oil, and makes us suspect that they could be making commercial agreements forcing the price down artificially”. “If we had evidence, it would have already been reported, but we do not have the means ...

Source: Financialfood