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The Eastern Company (Eastern Tobacco), which has a monopoly on the tobacco industry, announced that it has raised the prices of some types of cigars and hair smoke by between 25% and 71%.
The company added, in a statement to the stock market, that it had raised the prices of “hair smoke”, red and green matusiano, which weighs 40 grams, by 25%, to reach 40 pounds instead of 32 pounds. .
The company clarified that the new prices will apply as of September 6, 2020, in accordance with the provisions of the Value Added Tax Law and its amendments and the Health Insurance System Law.
On the reasons for the high prices of cigarettes, Hani Aman, the company’s managing director, told Reuters in response to a question about the reasons for the price increase and the timing: “We review our prices every three months and when we find that it is necessary to change the price of any product, we make our decision based on the study “.
Eastern Tobacco’s market share in Egypt is approximately 70%, compared to approximately 30% for foreign companies.
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The situation in Egypt
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Injuries
99,863
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Recovered
78,108
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Mortality
5,530
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