The price of olive oil is on the increase, after the small drop seen last month.
The price is up by about 10 cents, from around 3.30 last month to between 3.40 and 3.60 euros this week and according to the Deputy President of the Agricultural Cooperative of Heraklion, Mr. Chiletzakis, the price is now stable at 3.50 euros a litre.
In an auction that took place in Embaros, Heraklion two weeks ago, the price touched 3.83, but the interesting factor was that the majority of those looking to buy, were Greek bottlers/packers, with only very small quantities being sold, going for export. There are about 10,000 tonnes of oil still in the tanks of the cooperative factories, in private storage and in the homes of smaller producers. Mr. Chiletzakis believes that there is still room for the price to increase even more, as the companies that bottle and pack oil, will need more product. It is also worth mentioning that due to the higher price this year, there has been a worldwide drop in demand and consumption.
Meanwhile, in Sitia, the price of oil is even better, having reached 3.80 euros per kilo, in January, but with very small quantities still available. According to the President of the Agricultural Union of Sitia, Mr. Manolis Mavromatakis, the price started at the beginning of the harvest period at 3.75, fell then to 3.50 but rose again at the beginning of this year to 3.80 euros a kilo. Of the 5,000 tonnes produced in the region, 3,000 went for bottling and approximately 1,500 for self consumption, leaving only 500 remaining in storage.