The high price of olive oil has made it almost a luxury ingredient these days, but relief may be in sight. Here’s what you need to know to get more bang for your “liquid gold” buck.
The cost of groceries just keeps on soaring, and “liquid gold” is no exception, with a three-litre tin of olive oil now costing around $75 at major supermarkets − that’s a massive jump from just $25 in 2021. So what’s behind this particular price hike, and how can you make your olive oil go further?
Here’s what you need to know.
Why so expensive?
In 2023, droughts and heatwaves in Spain and Italy, combined with an unexpectedly short, cold growing season here in Australia, led to a global shortage. According to Leandro Ravetti, co-CEO of Australia’s largest olive oil supplier, Cobram Estate, supply simply can’t keep up with demand for extra virgin olive oil (EVOO). “We really don’t anticipate a major drop in retail prices anytime soon,” he says.
“We had no oil last year,” says Sarah Asciutto of the family-run Rio Vista Olives in the Adelaide Hills. “You’re trying to fill up an empty cup of demand.”
The good news
While the world’s olive oil supply is currently a trickle, solid harvests in Australia and Spain mean global olive oil supply is slowly stabilising in 2025. Ravetti predicts that while retail prices won’t drop dramatically anytime soon, we can expect to see more frequent promotions on olive oil in the coming months.
While we wait for those deals to drop, the experts share their tips on how to choose, store, and make the most of this kitchen hero.
Why do we love olive oil?
Often called “liquid gold,” EVOO is a powerhouse of a plant oil. It’s packed with heart-healthy monounsaturated fats and antioxidants.
“It’s natural. It’s sustainable. It’s tasty,” says Ravetti, who calls it a “superfood.” New research from La Trobe University even found that four tablespoons a day can significantly lower blood pressure.
EVOO v olive oil: what’s the difference?
Both oils come from olives, but they use different extraction techniques.
- Extra Virgin Olive Oil (EVOO) is the highest quality oil, made from the first cold pressing. It has a robust flavour and the most health benefits. It’s perfect for drizzling over salads and vegetables or for light frying.
- Olive Oil is a lower-quality blend, made from a mix of oils from subsequent pressings and a small amount of EVOO. It has a milder flavour and fewer health properties. Because it has a higher smoke point, it’s better for deep-frying and baking. However, experts agree that using EVOO is always the best choice due to its superior health benefits.
How to choose the best olive oil
“With extra virgin olive oil, the fresher, the better,” says Ravetti, advising you check the harvest date on the bottle. Olive oil is at its peak flavour and antioxidant level when it’s made from green olives before they ripen.
If you see a best-before date of 2026, it means the oil is from the latest Australian harvest and is as fresh as it gets. “If you cannot find any harvest date on the bottle, that’s a red flag that the oil is a probably a blend,” says Ravetti.
How to store your liquid gold
“The enemies to olive oil are light, heat and oxygen, so store your oil in glass or tin, and keep it in a cool, dark place after opening,” says Asciutto. And don’t keep it next to the stove. If your glass bottle has a stopper spout for pouring, replace the lid.
Properly stored olive oil can last for 18 months but aim to consume your oil within six weeks for maximum freshness. Oil stored in plastic bottles allows oxygen in, which means your olive oil will degrade a lot quicker.
How to make olive oil last longer
TikTokers are loving “frozen olive oil herb cubes” to preserve out-of-season herbs, but can you freeze olive oil without it affecting the flavour?
“It’s not going to harm the olive oil,” says Asciutto.
For frying, she says virgin olive oil can be a more affordable option. After
frying, cool, strain and freeze the oil in an airtight container to use down the track. Another way to make olive oil last is to decant it into a spray bottle when baking and use to grease trays.
How to dispose of olive oil
Never pour used cooking oil down the drain. According to recycler Planet Ark, the best way to safely dispose of cooking oil is to let it cool, pour it into an airtight metal or plastic container, and throw it in the bin.
For small amounts, you can mix it with sawdust or cat litter before binning it. Many local tips and recycling centres also have facilities for recycling cooking oil.
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