Walter Zanre told Sky News that wholesale olive oil prices had fallen in recent months but said supermarkets were refusing to follow suit.
“We brought prices down twice last year and it’s not all been passed on to the consumer, which is a huge frustration,” he said.
It follows a surge in the price of olive oil since 2022, after adverse weather in olive-growing countries led to poor harvests.
Spain, which produces almost half of the world’s olive oil, was hit by droughts and heatwaves in 2023 and 2024. The weather caused global olive oil production to fall by almost one million tonnes.
It caused higher prices for many well-known olive oils, including Filippo Berio, which uses a blend of oils from across Europe despite being an Italian brand.
The average price of a 500ml bottle of Filippo Berio has risen from £3.75 in 2022 to £7.50 now, according to the tracker Trolley.co.uk.
Tesco’s own-brand olive oil stands at £5.50 for 500ml. This is up from £5.20 this time last year, Trolley.co.uk data shows. The same-size bottle of Nicolas Alziari olive oil, at Waitrose, sells for £22.50.
The boss of Filippo Berio argued that prices should have come down rapidly for customers after stronger production more recently meant there was better availability of oil.
Obviously, supermarkets are charging what they are because they can. That’s how markets work, that supply, demand thing. Every individul supplier does their best to rip the consumer off – it’s the competition for the profits to be made which reduces prices.
On the other hand, brother harvested his olives (more for fun and exercise, but still) and was being paid €5 a litre at the mill. So on that own brand stuff there’s a 100% mark up, a 50% margin, including all the expenses of bottling, transport, the shop itself and so on. Seems reasonable enough to me.