Egyptian tobacco firm Eastern Company has lowered the price of the country's cheapest cigarette brand Cleopatra 'King Size' to EGP 15.5 per pack, after it was increased to EGP 16 last week, according to a statement from the company issued on the Egyptian stock exchange's website.
King Size was sold for EGP 14 before the recent hike on Thursday increased it to EGP 16.
Eastern Tobacco Company raised prices by 10-15 percent last Thursday to fund the Comprehensive Universal Healthcare programme, the first phase of which was launched on 6 July, and as a reflection of the value-added tax, Eastern Company said.
Seventy percent of Egypt's cigarettes are provided by Eastern Company, and about 83 billion cigarettes are supplied to the market every year, according to company chairman Mohamed Haroun.
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