The Oriental Tobacco Company in Egypt announced an increase in the selling prices of its cigarettes by LE 2 for most types starting Sunday.
Ibrahim Imbabi, head of the Tobacco Division of the Federation of Industry, said Saturday that “the company has informed them of a two-pound increase for most types of cigarettes to comply with the provisions of the value-added law. tax and amendments to it in accordance with the Comprehensive Health Insurance Law No. 2 of 2018”.
Imbabi pointed out that the increase was far less than market traders had expected, noting that most traders stock cigarettes in anticipation of this increase, which was less than their expectations.
Imbabi expected the local Egyptian market to see a new increase in the price of foreign cigarettes in the coming months, which would contribute to market stability.
Source: Al-Ahram Gate.