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I recently bought some organic certified extra virgin olive oil from Tunisia. However

  1. It is a cheap brand (only $10 a litre)
  2. The manufacturing date is Dec 2012 so its over a year old
  3. It is packaged in a heavy, dark green, glass bottle and states it is best before 36 months from date of manufacture
  4. It is extra virgin and organic certified by EcoCert
  5. It tastes extremely bitter (almost as bitter as bitter-melon - if you've ever tried it )

Has the oil gone rancid? Should I throw it out?

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    Isn't it over 2 years old as of now? – March Ho Jan 8 '15 at 13:15
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Good EEVO from young olive trees will have a green tinged yellow colour, be astringent or peppery tasting (astringent is different from bitter, as in lemons are bitter, spearmint is astringent)

The astringent taste is a mater of preference. In my experience most people don't like it

Olive oil that has gone rancid is yellow, smells more like peanut oil or just like old grease, and tastes bitter

Oil from Dec 2012 would most likely be rancid by now, unless it was stored in light and air proof containers

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