The experimentally defined oxidative alterations taking place in packaged olive oil stored in various packaging materials & storage conditions were used as basic evidence in order to develop & support a descriptive mathematically expressed theory, & eventually to conclude on a predictive model. Hexanal was experimentally quantified for extra virgin olive oil packaged in 0.5l glass, PET, & PVC bottles, & stored at 15, 30 & 40 deg C under fluorescent light or dark conditions for 12 months. A set of mass transport equations describing the chemical reactions occurring in the oil phase as well as the diffusion of oxygen in the oil phase & through the packaging material, was numerically solved for various combinations of temperatures, light conditions & packaging materials.