Egypt’s state-run Eastern Co. rises cigarette prices

Egypt’s state-owned top cigarette maker Eastern Company reported on Thursday an increase between 4.5 percent and 6 percent in cigarette prices.

The retail price for its Mondial cigarettes will rise to 17.50 Egyptian pounds ($1.06) from 16.50 pounds, it said in a statement.

Managing Director Hany Aman told Reuters that the increase in prices is due to higher labour and production costs.

The company has a market share of about 70 percent and foreign companies hold the remainder.

Source: Reuters