Greek extra-virgin olive oil is trading at an average price of €3.65 per kilogram, continuing a downward trend that has become increasingly evident across the European market.
The Greek price has fallen 1.6% over the past week and 5.2% over the past month, according to market records published by the European Commission’s Directorate-General for Agriculture and Rural Development.
The decline is not limited to Greece. Spanish extra virgin olive oil has fallen more sharply, losing 8.8% over the past month to reach €3.52 per kilogram.
Greek extra virgin therefore remains slightly more expensive than Spanish oil, but the difference has narrowed considerably.
Italy continues to command the highest price among the three major producing countries in this comparison, with extra-virgin olive oil averaging €4.88 per kilogram. However, the Italian figure has also dropped sharply, declining 27.3% over the past month.
| Greece – Extra virgin | €3.65/kg | -1.6% | -5.2% |
| Greece – Virgin | €2.90/kg | +3.6% | -12.1% |
| Greece – Lampante | €1.90/kg | 0.0% | -17.4% |
| Spain – Extra virgin | €3.52/kg | -1.2% | -8.8% |
| Spain – Virgin | €3.13/kg | -0.5% | -1.4% |
| Spain – Lampante | €2.94/kg | +0.4% | +1.0% |
| Italy – Extra virgin | €4.88/kg | -1.0% | -27.3% |
| Italy – Virgin | €3.50/kg | 0.0% | 0.0% |
| Italy – Lampante | €2.79/kg | 0.0% | -3.1% |
Chania Sits Above the Greek Average
The national Greek figure masks a small but notable regional difference.
The European Commission’s records draw on two Greek markets. In Chania (GR434), extra-virgin olive oil is recorded at €3.70 per kilogram, while the corresponding figure for Messinia (GR255) is €3.60 per kilogram.
That puts Chania €0.10 per kilogram above Messinia and slightly above the national average of €3.65.
The difference may look modest, but it illustrates how local market conditions continue to influence olive oil prices even within the same producing country.
| Greek market | Extra virgin price |
| Chania (GR434) | €3.70/kg |
| Messinia (GR255) | €3.60/kg |
| Greek average | €3.65/kg |
A Wider European Price Correction
The broader figures show that the current movement is not simply a Greek phenomenon.
Extra virgin prices have declined in all three countries, although the pace differs substantially. Spain has recorded a monthly decline of 8.8%, compared with 5.2% in Greece, while Italy has experienced the steepest correction at 27.3%.
At the same time, the lower categories are behaving differently across markets. Greek virgin olive oil has risen 3.6% over the week but remains 12.1% below its monthly level. Greek lampante has remained unchanged over the week while falling 17.4% over the month.
The figures therefore point to a market undergoing a broader price adjustment rather than a uniform movement across all olive oil categories.
For Greek producers, the narrowing difference with Spain will be worth watching. Greece’s extra virgin oil currently retains a small price premium over Spanish extra virgin, but continued declines could further reduce that advantage.
The prices published by the European Commission are market records based on average transaction prices in specific markets, rather than stock-exchange quotations or futures prices.
They provide a snapshot of actual market activity in the participating regions and countries, making the regional differences particularly relevant for producing areas such as Chania.
For Crete, where olive oil remains deeply connected to agriculture, food culture, and the rural economy, even relatively small movements in the price paid for extra-virgin oil can have significance well beyond the national average.
Source: e-agrotis.gr