Egyptian tobacco maker Eastern Company has lowered the price of the country’s cheapest cigarette brand Cleopatra ‘King Size’ to 15.5 Egyptian pounds per pack, after it was increased to 16 pounds last week, according to a statement from the company issued on the Egyptian stock exchange’s website.
King Size was sold for 14 pounds before the recent hike on Thursday increased it to 16 pounds.
Eastern Tobacco Company raised prices by 10-15 percent last Thursday to fund the Comprehensive Universal healthcare programme, the first phase of which was launched on 6 July, and as a reflection of the value-added tax, Eastern Company said.
Seventy percent of Egypt’s cigarettes are provided by Eastern Company, and about 83 billion cigarettes are supplied to the market every year, according to company chairman Mohamed Haroun.
Source: Ahram Online