In Spain, the world's largest olive oil producer, supermarkets are locking up bottles of cooking oil due to rising prices and theft.
In Spain, bottles of extra virgin olive oil (1 liter) are being sold for up to 14.5 euros ($15.77), leading them to be placed in the same category as products requiring security tags, such as liquor, cosmetics, and electronics.
Ruben Navarro, CEO of the supermarket chain Tu Super, which has 30 stores in the Andalucia region of Spain, said: "We have witnessed a significant increase in shoplifting. Olive oil has become the ideal product for thieves to steal."
Olive oil prices have risen by 150% over the past two years in Spain, as droughts in the south have severely impacted the country's olive harvest. Organized crime gangs have also been stealing this item to sell it.
The Spanish police have uncovered several cases of olive oil theft from factories. Last October, the police arrested two people in connection with a theft of 56 tons of extra virgin olive oil.
Since September, Tu Super has been chaining large 5-liter bottles of olive oil together and locking them on the shelves to prevent theft. "It's a crazy and extreme measure, but it has worked," Navarro shared.
Tu Super is not the only supermarket to tighten security in this way. Some Carrefour and Auchan stores in Madrid have also placed security tags on 1-liter bottles of olive oil.
STC, a company specializing in anti-theft solutions for retailers, has seen a 12-fold increase in orders for protective devices for olive oil bottles.