The Government and the food industry are optimistic about the possibility of a drop in olive oil prices. Last week, the Minister of Agriculture, Fisheries and Food, Luis Planas, and the president of the Spanish Federation of Food and Beverage Industries (FIAB), Ignacio Silva, who is also president and CEO of the Deoleo oil company, commented that They expect the price of this vegetable fat to reduce due to an increase in the harvest caused by the rains of recent months, since the price at origin of olive oil varies depending on climatic and production factors.
This increase in the harvest would also be added a reduction in taxes. Following the agreement reached by the PSOE and Junts to eliminate VAT on olive oil, which facilitated the extension of anti-crisis measures such as the reduction of this tax on certain basic foods until June 30thSilva has expressed himself in favor of extending the VAT reduction in general and the reduction in some categories such as olive oil.
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At the meeting, Silva highlighted the importance of lowering VAT to cushion the impact of prices on consumers. He also highlighted the positive estimate of olive oil production for the 2023-2024 campaign, which could reach 800,000 tons, and the forecast of a 16% increase in Tunisian production this year.
Oil prices have reached maximum levels, but stability is expected for the second half of the year and even a possible decrease starting in July if the weather cooperates. However, Planas warns of the difficulty of calculating the specific impact of the VAT reduction from 5 to 0%.
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Legislative modifications such as the upcoming entry into force of the bill that includes the elimination of VAT on olive oil, still pending approval in the Cortes Generales, will also influence the evolution of prices.
Carbonell’s special offer in Miravia includes oil at 4.03 euros per liter (12.10 euros per bottle), with the condition of using a welcome coupon for new customers.
Within electronic commerce, organic extra virgin olive oil from NaturGreensold in amazon, stands out for offering a significantly affordable price, setting a trend among buyers. The product, which is sold in packs of six 500 ml bottles at a cost of 11.81 euros, results in a value of less than 2 euros per bottle, an attractive purchase option compared to the general rise in prices.
The sales success of this organic extra virgin olive oil from NaturGreen, made from olives of the picual variety and under organic farming practices, positions it as one of the leading products in its category on Amazon. Consumers benefit not only from a convenient price but also from the advantages of incorporating quality olive oil into their diet.