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Olive oil prices have surged to record highs over the past few months, fueling cooking oil thefts in some regions. Global prices of extra-virgin olive oil (EVOO) have more than doubled due to supply shortages caused by bad weather in major producing countries like Spain and Greece, as well as the rising demand for EVOO due to health benefits and its increasing use in the cultivation of premium food products.
Due to the sharp rise in olive oil prices, thefts of cooking oil have become more common, particularly in France, Italy, and Spain, the three top olive oil producing countries in the world. Thieves are taking advantage of the increasing prices and raiding bars, restaurants, and grocery stores, making off with large quantities of olive oil.
Police in Spain recently arrested a group of thieves suspected of stealing 8,000 liters of olive oil from farms and warehouses around Madrid in a single night. Fortunately, numerous suspects have been arrested and authorities are devising new strategies to prevent further thefts.
The higher prices have also led to protests in some parts of Spain, with angry farmers and retailers blocking roads and burning tires in protest. While producers and retailers are benefiting from the increased demand and prices, many consumers have complained about the rising cost of olive oil, sparking fears that the recent price surge could hurt consumer demand and ultimately reduce global production.