The Clap
EGX-listed Eastern Company has increased its cigarette prices by up to 19%.
What
Last Friday, Eastern Company increased the prices of Cleopatra packs by EGP 3, to now stand at EGP 30, and spiked the prices of Pall Mall and Viceroy by EGP 8 to EGP 50, as per its statement.
Eastern’s Rationale
The price increase is due to the fluctuations in raw materials and the hike in production costs, said Hany Aman, the CEO of Eastern Company in the statement. Aman also justified it on AlHadath Alyoum by saying that some of the raw materials’ prices increased by 400%.
Some Context
Prior to Eastern Company’s price hikes, Philip Morris increased their prices by up to 18% last Monday and Al Mansour International Distribution Company by up to EGP 10 last Wednesday.
