Event observer not getting product details

Question

I have created a observer event like below inside my config.xml file

<events>          
              <sales_quote_add_item>
                  <observers>
                     <CustomModule_model_observer>
                        <type>singleton</type>
                        <class>CustomModule_Model_Observer</class>
                        <method>updatePrice</method>
                     </CustomModule_model_observer>
                 </observers>
              </sales_quote_add_item>
    </events>

In my Model i have created Observer.php

require_once 'Mage/Checkout/controllers/CartController.php';

class CustomModule_Observer
{
    public function _construct()
      {
      }

    public function getNewPrice()
      {

        $newprice = "5";

        return $newprice;
      }

     public function updatePrice($observer)
     {
        $event = $observer->getEvent();
        $product = $event->getProduct();// not getting any values how can i get this.
        $quote_item = $event->getQuoteItem();
        $new_price = $this->getNewPrice();
        $quote_item->setOriginalCustomPrice($new_price);
        $quote_item->save();
      }
  }

Reference Changing the price in quote while adding product to cart: magento

Answer 1

I have tried this, and its working, it gives us the product id.

$quote = Mage::getSingleton('checkout/session')->getQuote();
$cartItems = $quote->getAllVisibleItems();
foreach ($cartItems as $item){
   $productId = $item->getProductId();
   $product = Mage::getModel('catalog/product')->load($productId);
   // Do something
}