File Photo: Cigarettes are seen during the manufacturing process Reuters
In a statement Saturday night, the Head of the Tobacco and Cigarette Division at the Federation of Egyptian Industries Ibrahim Imbabi said that this raise came in accordance with the provisions of the value-added tax and its amendments, and the Comprehensive Health Insurance Law 2/2018.
This change also came in light of increased production costs and the decreasing value of the Egyptian pound against the dollar, Imbabi said, pointing out that the price of foreign cigarettes in the local market is also expected to rise in the coming months.
This is the second price increase for local cigarettes in 2022. In March, Egypt’s top cigarette manufacturer announced a EGP 1 increase for three of its local types amid the depreciation of the pound by 16 percent against the dollar at the time.
Imbabi pointed out the increase is much less than initially expected by traders, noting that the majority of traders had stored cigarettes in anticipation of these increases.
Saturday’s decision raised prices for a pack of Cleopatra Soft Queen to EGP 21 from EGP 19, and Cleopatra Box to EGP 22 from 20.
It also raised prices for a pack of Cleopatra Super cigarettes to EGP 23 from EGP 21, and Boston/Belmont to EGP 22 from 19.50
The retail price for its Mondial cigarettes increased to EGP 23 from EGP 21, said the statement.
The prices of Cleopatra Black and Matossian were not increased, and remain at EGP 24.
Established in 1920, the Eastern Company is the largest producer of tobacco in Egypt.
Source link : https://english.ahram.org.eg/News/475392.aspx
Publish date : 2022-09-04 12:11:33