The Ptolemaic ’oil monopoly’ shows extensive control of local economic processes over at least a century and a half. The so-called Revenue Laws lay out strict state control of cultivation, production and distribution, which is confirmed by many other Greek and Demotic papyri. The entire harvest of oil crops had to be sold to the state, oil was produced exclusively in state workshops, and retail was subject to exclusive local concessions. Import restrictions and severe penalties were introduced to safeguard the revenues from this system, which were leased out to private contractors. Although it contributed to the monetisation of the countryside, the ‘oil monopoly’ was a rather inefficient form of organisation. The parallel bureaucracy of officials and contractors created red tape, the confiscation of capital eroded trust, oil crop cultivation proved unpopular, and the resulting shortages in concert with high fixed oil prices led to considerable black market activity, which further disrupted the official circuit. Evidence from the Late Period and the reign of Ptolemy I shows that the ‘oil monopoly’ was a creation of Ptolemy II, representing a remarkable experiment in fiscal policy.