The company said in a statement, Tuesday, that the consumer price of Marlboro and Merit cigarettes is LE 46 and LE 49.
Egypt’s top cigarette maker told the Egyptian Bourse its decision to officially raise the selling price for some products of the state-owned company, including molasses (mu’assel) and minced tobacco, by a range of LE 0.5 ($0.032) to LE 3 ($0.19).
The ministry denounced these reports as baseless, saying the government is working to stabilize tax policies.
The board of directors of the company approved the splitting of its stock to be valued at LE 0.50 instead of LE 5.
Public Taxes Authority announced in a Wednesday statement that Eastern Company’s decision raising cigarettes’ price has no relation to any amendments in the Value Added Tax (VAT) law.
Eastern Company raised the price of three cigarette brands by 4.2 – 17.6 percent (LE 0.50 – LE 2.25, $0.028 – $0.126) as of Wednesday, the company announced.
A British man who smoked a cigarette on a flight from United Kingdom to Egypt in 2015 had his jail sentence extended to nine years and six months.