In Spain, the world’s largest producer of olive oil, supermarkets are increasing security measures due to rising prices and thefts.
Olive oil is now one of the most stolen products, leading to extra precautions. Here’s why retailers are locking up bottles of olive oil.
Olive oil prices have soared significantly
The price of olive oil has risen sharply in recent years.
A one-litre bottle of extra-virgin olive oil now costs as much as 14.5 euros ($15.77) in some stores.
This price hike is largely due to a severe drought that affected the olive harvest in southern Europe.
Olive oil has become the most stolen product
Olive oil has become the most stolen product in supermarkets in many regions of Spain.
According to recent reports, it ranks just behind spirits as the second most stolen item across the country.
The rise in thefts has prompted supermarkets to place security tags on bottles, alongside items like cosmetics and appliances.
Crime gangs are organized, targeting olive oil
Criminal gangs are behind many of the thefts.
These gangs steal the oil, often referred to as ‘liquid gold,’ and resell it for profit. Ruben Navarro, head of the Tu Super supermarket chain, states that olive oil has become an ideal target for thieves.
Supermarkets are taking extra security measures and have been forced to implement additional steps to combat theft.
Additionally, some retailers have even resorted to chaining large 5-litre bottles together and padlocking them to shelves.
Many supermarkets, including Carrefour and Auchan, now use security tags on smaller one-litre bottles.
These tags require staff intervention to remove them.
The olive oil price crisis
The price of high-quality extra-virgin olive oil has jumped by 150% in the past two years. Four years ago, a litre cost under $5.
Today, it can cost up to $15.. Families who traditionally buy olive oil in bulk for cooking are feeling the financial strain.
The outlook for olive oil prices is concerning. Deoleo, the world’s largest olive oil producer, predicts that prices in Spain will remain high until at least June.
Droughts in southern Europe, where most of Spain’s olives are grown, continue to impact production.
While Olive oil theif has become a signficant issue for retailers and law enforcement. Spanish police have even reported instances of theft from olive oil mills. In Spain, thefts under 400 euros are not punished unless it is a repeat offense. This leniency has made olive oil an attractive target for thieves.
Ruben Navarro, CEO of Tu Super, a supermarket chain operating in Spain’s Andalucia region, told Reuters: “We are witnessing a significant increase in shoplifting.”
He added: “Olive oil has become an attractive product for thieves to steal.”
With prices soaring and thefts on the rise, olive oil has become a highly sought-after commodity. Supermarkets are taking unprecedented steps to protect it. As the drought continues to affect production, the cost of olive oil is unlikely to drop soon.