Recent reports of cooking oil thefts around the world have raised concern as prices for olive oil have surged to record highs. Olive oil prices have risen more than 100% over the past year, reaching as high as $13.00 a litre in some countries, making it a valuable target for thieves.
The rise in the price of olive oil has been caused by a combination of supply shortages and increasing demand from the health food industry. The COVID-19 pandemic has also led to drastically reduced availability of olive oil in some countries where lockdowns have resulted in extended disruptions in production and supply.
Theft of prized cooking oils from supermarkets and other retail outlets has become a growing problem in Europe and the US, with thieves taking advantage of the high prices to resell on the black market. In recent weeks, police in Europe have reported a sharp increase in the number of cooking oil thefts from grocery stores and other retail outlets.
In the US, the FBI has issued warnings to grocers and other retailers about the rise in cooking oil thefts, urging them to secure their stockrooms and take extra security precautions. Across Europe, police forces have implemented measures including increased patrols and extra surveillance cameras in an effort to tackle the theft of cooking oils.
Olive oil is a dietary staple for many people and the escalating prices have sparked an outcry from consumer groups who are demanding action to help mitigate the sharp increases. While the cost of olive oil and other cooking oils are expected to remain high in the short-term, governments are coming under pressure to address the issue of supply shortages and ensure that prices remain affordable for consumers.