01:00 PM
Friday, November 17, 2023
Written by: Sherine Salah:
Ibrahim Embabi, head of the Tobacco Division at the Food Industries Chamber of the Federation of Industries, told Masrawy that cigarette companies adjusted their prices this week after amending the value-added tax law, which allows companies to increase prices after raising the tax bracket.
Embabi explained that this increase “in the official market” will not prevent cigarette prices in the “unofficial market” from increasing, as companies have adjusted prices to avoid making losses only for themselves.
He added that companies only control their production prices and the prices they announce accordingly, but they cannot control the prices sold in the “informal” market.
Cigarette prices “in the unofficial market” witnessed unprecedented increases over the previous months, as a result of the decline in the quantities of cigarettes produced by companies, in addition to storage and monopoly by some wholesalers. This increase continued after the companies raised cigarette prices last week, so that a pack of cigarettes became sold. Much more than the new announced price.
Cigarette companies operating in Egypt raised the prices of their products this week, with the amendment to the value-added tax law, allowing companies to increase prices after raising the tax bracket.
The companies announcing the price increase included the Eastern Company, which manufactures Cleopatra cigarettes, and Philip Morris Egypt, which produces Marlboro, LM, and Merit cigarettes under the “United Tobacco” brand, as well as the GTI and Al-Mansour companies.
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