The Mediterranean diet isn’t a differentiating proposition here of course, so olive oil brands of all price levels abound. Many of these might look like an authentic if unsophisticated discovery brand sitting on the top shelf at Waitrose or Albert Heijn, but here they look like the undifferentiated and unbranded commodities that they are. A name and a free library image of some olives doesn’t make a brand.
For that you need to add an implicit extra benefit that is independent of the category, so step forward Minerva, Roman Goddess of wait for it: Poetry, medicine, wisdom, commerce, weaving, crafts and magic. I doubt if buyers feel they’re getting any of these gifts by using an olive oil, but they might get a subliminal sense of security, superiority or even excitement. If that sounds a bit far-fetched you need to read this.
I doubt that the brand owner knows any of this decision science, maybe they just thought it was neat that Minerva is, like the olive oil, virgin.