British American Tobacco Korea said Thursday it has raised the price of its cigarette products by 200 won ($0.20) to 2,700 won per pack on rising raw material prices.
The price increase of 8 percent is the first in six years for the firm which holds an 18 percent-market share in the country. It is widely known for popular brands such as Dunhill, Kent and Vogue.
“BAT Korea has been making every effort to boost productivity and cut costs. Yet, with the recent hike of raw material costs, it is inevitable that we change the cigarette price,” the firm said in a statement.
Other tobacco firms said they did not plan to raise prices following their competitor’s steps.
KT&G, the nation’s largest tobacco firm, said it is not mulling a price increase for now. Philip Morris and Japan Tobacco International also said they do not have plans to do so at the moment.
By Koh Young-aah (email@example.com