I would think that the sense to die was the derived meaning and disappearing or fading away was the primary meaning. It seems to be related to aboleo, abolish. Aboleo might derive from oleo, smell, with the ab- being the inseparable prefix denoting separation. Not quite sure yet what that means but it sounds like it should be significant.

It seems to me that as one's separation from a smell increases, so that smell fades or dies away.