Cigarettes
The price hike, ranging between LE 8 and LE 11 per pack, will be effective starting Monday, in response to rising production costs and the recent increase in the USD exchange rate against the Egyptian pound in the parallel market.
The new prices will be applied starting Thursday.
Cigarette increments ranged from LE 1.5 to LE 3 per pack.
the increase came much less than the expectations of traders in the market, according to the Head of the Tobacco Division at the Federation of Industries, Ibrahim Imbabi.
Tobacco use is the single most important cause of preventable death globally.
According to the list, the prices of L&M of all kinds have been increased to LE 34.
The company also raised the price of the item Cleopatra Box (white - colors) to LE 20, Cleopatra Super to LE 21, Mondial to LE 21, Mondial Switch to LE 24, Cleopatra Black to LE 24, and Matossian Super to LE 24.
The company stated in a statement that the price of Cleopatra Black will be increased to LE 24, Mondial (red - blue - silver) to LE 21, and Mondial Switch (Menthol / Blueberry) to LE 24.
The health insurance law stipulates that there will be a tax of 25 piasters every 3 years on cigarettes until it reaches LE 1.5, explaining that there are still two other increases until it reaches LE 1.5.
The limit of production of 7 billion local cigarettes in one month had been exceeded by 10 percent than the previous highest production figure.
The company added that one of the conditions of the brochure is to provide the option for the General Assembly of the Eastern Company - Eastern Company to participate in the capital of the new company at a rate of 24 percent without bearing part of the license cost.
This came in the company’s commentary on published news regarding the Egyptian government's intention to issue a new license to produce cigarettes in the Egyptian market.
“Smoke exports at the General Administration of Smoke Customs in Cairo amounted to about LE 4.67 million,” it added.
Revenues amounted to LE 8.16 billion during the first half of current fiscal year, compared to LE 7.69 billion in the half of last year.
Rumors of expected rise in cigarettes’ prices were denied after many citizens queued outside stores amid fears and appeals to ban gatherings to stop coronavirus spread.
The Finance Ministry has denied reports about imposing a new tax on cigarettes or soft drinks to finance the comprehensive health insurance system.
The ministry’s decree comes in light of the implementation of the comprehensive social health insurance system.
Egypt’s major cigarettes company, Eastern SAE, announced that the price of cigarettes and tobacco products in Egypt is set to witness an increase of LE 1.5.
Almost 12.6 million Egyptians are smokers, making up 20.2 percent of the total population, according to CAPMAS.
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