Rising prices of olive oil in India, driven by two consecutive years of drought in Europe, have left consumers and businesses feeling the pinch.

Extra virgin olive oil prices have surged from Rs 850 to Rs 1,100 per litre and are expected to reach Rs 1,500. Pomace olive oil, previously priced at Rs 400 to Rs 500, is also predicted to rise to Rs 800 per litre.

The majority of India's olive oil imports come from Spain and Italy, facing a triple blow of increased source prices, a stronger euro, and import duties of 40-45%.

The Indian Olive Association has requested the government to reduce duties to alleviate the situation.

Some businesses, like MRK Foods, have reduced imports of extra virgin olive oil and increased pomace imports, while smaller restaurants and consumers have shifted to alternative oils due to the price hikes, impacting the taste of their dishes.