Arab Finance: Egypt has given the green light for cigarette companies to bump up prices by 12%, Asharq Business reported, citing a government document.

This move allows firms to adjust the price ceiling for the lowest tier of local cigarettes, raising it from EGP 31.02 to EGP 34.72, and lifting the average price from EGP 45 to EGP 50.4.

Managing director of Eastern Company Hani Aman told Asharq Business that his company is constantly studying the pricing of its products based on market variables, especially since it has not raised its prices despite the change in the exchange rate.

He assured that the new pricing will remain below the maximum limit allowed by the government.

For his part, the Head of the Tobacco Division at the Federation of Egyptian Industries (FEI) Ibrahim Embabi told Asharq Business that the recent amendments to the value-added tax law pave the way for the cigarette price hike, hinting at imminent increases in the market.

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