Financial Tribune- The prices of Iranian cigarettes will increase by 50% as per the parliament�s addendum to the government�s proposed budget bill for the next fiscal year (March 2018-19), the head of Tobacco Planning and Supervision Center said on Saturday.

Ali-Asghar Ramzi added that the price of foreign cigarettes made in Iran will rise by 10%.

The duty for retail prices of locally and jointly produced Iranian cigarettes as well local products with international brand names will increase by 350 rials (0.76 cents), while 500 rials (one cent) will be added to the retail prices of imported cigarettes as of next year, ISNA reported.

Close to 40 billion cigarettes were produced in Iran during the first 10 months of the current Iranian year (started March 21, 2017), registering a 12% increase compared with last year�s corresponding period.

Cigarette imports over the period stood at 2.4 billion, showing a 35% fall year-on-year, while exports of the product amounted to around 330 million, indicating a 121% upsurge.

It is estimated that close to 4 billion cigarettes were smuggled into the country during the 10 months, indicating a 41% decline compared with the corresponding period of last year.

Last year, some 45 billion cigarettes were produced in Iran. Plans are to increase this figure to 50 million by the end of the current year (March 20).

Domestic cigarette production meets more than 90% of demand in Iran.

Iranians annually consume close to 55 billion cigarettes.