Reynolds, Lorillard to Raise Cigarette Prices

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Reynolds, Lorillard to Raise Cigarette Prices

NEW YORK -- Following cigarette price increases by the nation's largest cigarette maker Altria Group Inc., the No. 2 and 3 cigarette makers in the U.S., Reynolds American Inc. and Lorillard Inc., both raised prices for some of their brands, Dow Jones Newswires reported.

Reynolds told Dow Jones last week its cigarette business is raising list prices of its Camel, Kool, Winston and Salem brands by 44 cents per pack, effective March 16. It will raise prices of Pall Mall and Doral cigarette brands by 41 cents per pack, a spokesman for the company told the news service. Reynolds is using a "two step" process on pricing, the representative added.

In addition to the list price increase, the company plans to make some "adjustments" to discounts at retail, according to the report.

"The net impact is we would be aligned with our competition," he said.

Meanwhile, Lorillard is raising prices for Newport cigarette and several other brands by 71 cents per pack, the report stated.

Last week, Altria announced plans to raise prices on Marlboro and several other cigarette brands by 71 cents a pack, a move it said was primarily intended to cover the costs of a 61-cent per pack federal excise tax increase that goes into effect later this year, according to the report.