Hani Aman, chairman of Egypt's Eastern Company, said the company had increased the price of tobacco products to absorb part of the increase in production costs following the depreciation of the Egyptian pound, Al-Ahram online reported.
Oman said the company was coordinating with regulators to control the market and cancel contracts with suppliers who did not adhere to official prices. Oriental Tobacco Company has also increased production to increase supply of all types of tobacco to ensure market stability and control prices.
Local cigarette brand Cleopatra has increased the price of a pack of 20 cigarettes from 24 Egyptian pounds ($0.77) to 27 Egyptian pounds. Brands Boston, Belmont and Mondial increased from EGP 24 to EGP 27 per pack, Viceroy and Pall Mall increased from EGP 35 to EGP 42 per pack. The price of hookah tobacco has also increased to EGP 50 for 250 grams and EGP 85 for 500 grams.
On October 30, the Egyptian Parliament approved an amendment to the value-added tax law to impose a tax of 0.50 Egyptian pounds on tobacco products sold in the local market.