Eastern Raises Prices
Image: mehaniq41
Egypt Eastern Co. has raised prices of its tobacco products to absorb part of the increase in production cost following the devaluation of the Egyptian pound, said Hany Aman, the company’s chairman, according to Ahram Online.
The company is coordinating with oversight authorities to control the market and is canceling contracts with vendors that do not adhere to official prices, according to Aman. Eastern Co. has also increased production to increase supply of all tobacco types in order to ensure market stability and contain prices.
Local cigarette brand Cleopatra has increased in price from EGP24 ($0.77) to EGP27 for a 20-cigarette pack. Brands Boston, Belmont and Mondial have increased from EGP24 to EGP27 per pack, and Moreover, Viceroy and Pall Mall have increased from EGP35 to EGP42. Hookah tobacco prices have also increased to EGP50 for 250-gram packs and EGP85 for 500-gram packs of the Muʽassel Saloum brand.
Egypt’s Parliament approved an amendment to the VAT law on Oct. 30, imposing a tax of EGP0.50 on tobacco products sold in the local market.
