04:52 PM Monday 12 February 2024
Written by: Sherine Salah:
Ibrahim Embabi, head of the Tobacco Division at the Food Industries Chamber of the Federation of Industries, told Masrawy that the new increase approved by Philip Morris Egypt on the prices of its cigarette products, starting today, is due to the increase in production costs for cigarette and tobacco companies in Egypt.
Embabi added that the increase in production costs resulted from the rise in the price of the dollar against the pound in the parallel market, and the delay in shipments due to the disruption of navigation in the Red Sea as a result of Houthi attacks on ships.
The price of the dollar rose in the parallel market to above 70 pounds two weeks ago, before falling again to about 60 pounds, while it recorded in banks about 31 pounds.
Yesterday, Philip Morris Egypt announced that it would raise the prices of its cigarette and heated tobacco products by a value ranging between 8 and 11 pounds per pack, starting today, for the second time in about 3 months.
The head of the Tobacco Division said that he expects the price of popular cigarettes to increase by only about two pounds per pack during the coming period.
Read also:
Ranging between 8 and 11 pounds.. Details of the increase in the prices of cigarettes from Philip Morris products
8 pounds per package.. Philip Morris raises the prices of its heated tobacco products
