[THE INVESTOR] Korea’s largest tobacco maker KT&G said it will increase the price of Fiit, a tobacco product exclusively designed for its heat-not-burn device Lil, from next week. 

Fiit, a tobacco-filled stick that works with Lil, was released at 4,300 won ($4) in November. 

The company said the price of Fiit will go up to 4,500 won, reflecting a recent increase in the individual consumption tax imposed on HNB products and other levies such as a health promotion fee. 

The company has worked to minimize the price increase considering the market price, it added. 

Philip Morris, another HNB device maker, also increased the price of Heets, the tobacco stick used for its HNB device iQOS, to 4,500 won last month. It cited similar reasons.

Flavors of Lil-powered Fiit cigarettes come in two types, Change and Change up. The latter offers fruitier flavor. Both used KT&G’s signature flavor-changing capsules.

Since its November release, Lil has garnered popularity among smokers for its reasonable price, recording sales of 50,000 devices within a month, as of the end of December. 

By Kim Da-sol/The Korea Herald (ddd@heraldcorp.com)