Greek Olive Oil Prices Expected To Be Lower For 2025

While Greek olive oil prices have yet to solidify for 2025, the symbolic Greek product is expected to sell at lower prices mostly because production in 2024 has increased.

Prices dropped dramatically after last year’s ravaged crop forced them to skyrocket during 2024. Currently, the average producer price for Greek olive oil stands at 5.3 euros ($5.61) per liter, while in 2023, it was much higher, around 8 euros ($8.48) per liter. On supermarket shelves, however, retail prices are higher at around 10 euros per liter, with some producers saying they go up to 14 euros ($14.81).

A 17-liter metal tin, called “tenekes” in Greek by which many Greeks traditionally buy their olive oil stock for the year, with new harvest olive oil currently selling for anywhere between 120-140 euros ($126.91-$148.06). At the same time last year, it neared 200 euros ($211.52).

Olive oil producers say the selling price is too low, given their increased production costs and the many problems surrounding their harvests.

EU data shows increased production and a drop in prices in most olive oil-producing countries

The European Commission has released estimates for the 2024/2025 olive oil production, showing an overall 29 percent increase compared to the previous year. Greece saw a 43 percent increase in production, reaching 250,000 tons.

Spain’s production increased 51 percent, while Italy’s decreased 32 percent. Turkey’s output increased 104 percent, reaching 450,000 tons of olive oil, almost double last year’s.

In terms of pricing, Greek producers have been selling their olive oil at a lower price this year compared to the Italians (8.61 euros = $9.10/per liter) and the Spanish (6.15 = $6.50/per liter), saying it’s a paradox that while Greece has the lowest producer prices, consumers pay the most when they buy olive oil in retail.

Will lower prices boost Greek consumption?

According to farmers and olive oil producers, the prolonged, two-year drought had left olive crops in parts of the country small and slightly shrunk and some trees permanently damaged. After an exceptionally hot and dry summer in most of Greece, producers had counted on autumn rainfalls to compensate for the lack of water during the previous months so that the crops became fully ripe–many of the olives recovered in the days that followed the rainfall.

As production increases and prices drop, which peaked in January 2024, Greek consumers hope this price reduction will also become visible at their local grocery stores. Last year’s price surge forced many Greeks to reduce olive oil use. Though olive oil is a superfood and a staple of the Greek diet, consumption in Greece has dropped by 26.7 percent.