Recently, according to Propakistan, a media outlet in Pakistan, Pakistan Tobacco Company announced that it will increase the price of each pack of cigarettes by 250% after the government implements a budget of PKR 170 billion (approximately RMB 4.475 billion) this week.
This budget includes raising the sales tax from 16% to 17%, and increasing the federal excise tax (FED) on cigarettes by 150%.
Popular cigarette brands such as Marlboro, Gold Leaf, Capstan, and Gold Flake have all seen increases in their retail prices. The cheapest retail price now stands at 211 Pakistani rupees (approximately 5.5 yuan), while the most expensive is priced between 522-525 Pakistani rupees (approximately 13.74-13.82 yuan) per pack.
There is mixed reaction within Pakistan regarding the recent price adjustment. Public health experts are praising the increase, seeing it as an effective measure to deter tobacco consumption.
However, opponents argue that the latest FED has threatened the survival of legal tobacco companies because cigarette sales are declining. Some also point out that the tobacco industry's price hikes exceed the scope of tax changes.
The sudden and urgent price adjustment is a measure taken by the Pakistani government to meet the negotiating conditions of the International Monetary Fund (IMF). Pakistan is facing a serious economic crisis, with its reserves depleted to a critically low level of $3.09 billion, enough to cover only 18 days of import requirements.
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