News

The price of olive oil in Bulgaria is rising

Olive Oil
Bulgaria
Published Aug 12, 2023

Tridge summary

The price of olive oil in Bulgaria has reached record levels in Europe, with a ton now being 10 times more expensive than a ton of crude oil. This increase is mainly due to poor harvests in countries like Spain and Italy, with the volume of olives harvested being significantly lower than previous years. Despite only accounting for 2% of global vegetable oil consumption, olive oil remains the main vegetable fat in Southern European countries like Spain, Italy, and Greece.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

In the second half of 2023, the price of olive oil in Bulgaria continued to grow, today the price per ton of this product has already reached record levels in Europe. Currently, one ton of olive oil is 10 times more expensive than a ton of crude oil. Three years ago the ratio was five to one. The new record is 125% above the average price of olive oil from 2000 to 2020, and the previous one was set in 1996 when olive oil cost $6,200. Globally, olive oil accounts for 2% of vegetable oil consumption, well behind palm oil (36%), soybean oil (27%), rapeseed oil (14%) and sunflower oil (10%). At its 2%, olive oil stands next to cottonseed or coconut oil. Despite this small share in the world, olive oil remains the main vegetable fat for the countries of Southern Europe. In Spain, Italy and Greece, per capita consumption reaches an average of 8 liters, and the retail price already exceeds 10 euros per liter. The reason for the rise in prices for olive oil is mainly the poor harvest of ...
Source: Oilworld
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