Fuel prices likely to rise

Fuel prices are expected to rise to a historic high even with the application of the subsidy that the government has been using to cushion Kenyans over the last one year. The Energy and Petroleum Regulatory Authority (Epra) will tomorrow, April 14, announce the maximum prices applicable for the April-May cycle, with the prices projected to go up following last month’s rally in cost of crude oil. An industry source said the unsubsidised price of super petrol could reach as high as Sh175 in Nairobi while that of diesel could hit Sh160 per litre. — Business Daily

Nairobi — Investors from Kenya plan to invest about $1.6 billion in the Democratic Republic of Congo, and Rwanda’s biggest bank will open an office there after the country became the newest member of the East African Community. About two dozen companies from Kenya, the bloc’s largest economy, are looking to expand in Congo, with investments in cement-manufacturing to food-processing and finance, Equity Group Holding Plc said in a statement. Kenya’s largest lender by market value plans to inject $100 million in its Congolese subsidiary Equity BCDC to enhance “capacity to fund development projects and large mining and manufacturing companies in DRC,” it said. — Bloomberg