The basic product that could double its price in just a few weeks

We have started the year with a gift in the form of a VAT reduction in certain products considered essential among which the different oils have entered, something that is a relief considering that sunflower oil and olive oil have risen exponentially during 2022.

But you have to tighten your belt well, because from the Union of Farmers and Ranchers of Aragon (UAGA) in Teruel are warning that the price of oil, specifically olive oil, can rise exponentially in just a few weeks.

Although now with the VAT reduction, olive oil is around five euros per liter, in just a few weeks it could reach eight or nine euros per liter.

This is what he points out to Aragon newspaper, david andreuprovincial secretary of the Union of Farmers and Ranchers of Aragon (UAGA), who has assured that “There is already talk that olive oil can reach eight or nine euros per bottled liter”.

In this way, he points out that “a 5-litre bottle could reach almost €50, when a year and a half ago it was €20 or €22”. This considers it “a real barbarity” and claims that “Ideally, there would be some type of regulation because this is complicated for farmers, for those who go to buy at the supermarket and for everyone”.

It warns that from mid-January the sector will begin to affect the prices of the oil the increases in the costs of the collection, so that from that date the price of olive oil will begin to increase gradually and significantly week after week.

Factors that have led to this situation

The trigger has been the war in Ukraine, the largest exporter of sunflower oil, which has affected the price of olive oil.

So since the war broke out, sunflower oil and seed oil began to increase their prices, something that has inevitably dragged down olive oil as well.

“The sunflower price went up first, people began to buy olive oil and that one also went up. In addition, the national harvest is not very good. Spain has a production level of 1.5 million tons and this year it will stay at 700,000 or 650,000, half or less“, Add.

Other causes are the increase in fuels: “The reasons that have brought us here are the same ones that have suffered in other sectors. We start with the COVID crisis, then the war in Ukraine, and the rise in fuel prices”, he clarifies.

And he makes a recommendation for all people: “this may be the ideal time for consumers who want to buy oil and save”.