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RURA Revises Pump Prices For Diesel, Petrol

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Motorists in Rwanda will effective Thursday pay different prices for diesel and petrol to fill up their vehicle fuel tanks.

Rwanda Utilities Regulatory Authority (RURA) announced Wednesday that Petrol and diesel prices had been revised. “Frw987 per litre of petrol while Diesel will cost Frw 962 per litre.” RURA says the revision of prices for fuel has been in responce to the global price fluctuations for oil.

According to OilPrice a firm that monitors global oil price trends,  “the oil industry took a tumble in 2020, but the tides are beginning to turn. Oil prices are currently wading cautiously in the $50 range as a new wave of lockdowns has brought the Western world to another standstill. Despite this, however, demand for oil in Asia is returning to pre-pandemic levels and the market is loving it.”

The early stages of the rollout of Covid-19 vaccines have stoked optimism around the trajectory for an economic rebound, and oil has emerged as a favoured trade to hedge inflation.

“The expectation that there will be a ‘roll-over’ in February of January production levels was an initial boon for oil prices,” Bjornar Tonhaugen, head of oil markets at Rystad Energy, said in an email.

However, discord between Russia and Saudi Arabia raises the concern that OPEC+ “will emerge without a clear consensus, or worse.” Crude futures in New York earlier approached $50 a barrel, rising to a 10-month high.

 

 

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Germany, Rwanda Sign Rwf90B Financing Agreement

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Finance Minister, Dr. Uzziel Ndagijimana, and the Germany Ambassador to Rwanda, Dr. Thomas Kurz, today signed two agreements worth € 78 million (Approximately Frw 90 billion).

The financing and technical cooperation agreement is the outcome of the Inter-Governmental Negotiations that were concluded last Year between our two respective Governments.

59 million Euros of the grant agreement will be provided through KFW Development Bank and will support various initiatives including technical and vocational training, promotion of export oriented SMEs, through the support to Export Credit Facility in Rwanda under BRD, promotion of green investments as well as ICT support.

The remaining Euros19 million will be channeled through GIZ and will support decentralization and good governance, prevention of sexual and gender based violence among others.

Speaking after the signing event, Minister Ndagijimana said the financial support extended to Rwanda will support key areas that are critical to the attainment of the country’s development objectives.

“This support comes at a critical juncture given the effects COVID-19 has had on our social –economic advancement. We look forward to boosting these important areas that are in line with our National Strategy for Transformation. We thank Germany for the strong cooperation and solidarity especially during the COVID-19 pandemic,“ Minister Ndagijimana said.

Ambassador Kurz stressed: “These Agreements underline the long-standing and proven cooperation between our two countries based on friendship and mutual trust. Germany is committed to support Rwanda in its Economic Recovery Process and the implementation of NST 1 in order to reach the SDGs and to leave no one behind.”

The Division of Labor allows Germany development cooperation programme to be active in Education (including TVET); Decentralization and Good Governance, Private Sector Development and Youth; Public Financial Management (PFM); Financial Development. Germany also supports Regional Projects: Centre of Excellence for Health, Improvement of the Investment Climate, Microfinance sector-MIFSSA, ICGLR and Energy.

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Malawi Issues 86 Licenses For Cannabis Production

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Malawi’s Cannabis Regulatory Authority said on Friday they had issued 86 licenses to 35 companies and cooperatives to venture into cannabis cultivation for industrial hemp production.

Boniface Kadzamila the Board Chairman of Cannabis Regulatory Authority made the announcement from Lilongwe on Friday afternoon.

He said that a total of 41 companies applied but only 35 of them satisfied the requirements.

According to him the authority has issued licenses for cultivation, processing and storage and has not yet issued any license for export of cannabis.

A recent analysis by Invegrow Limited, one of the firms that conducted research on industrial hemp, found that a kilogram of industrial hemp could fetch U$1,444 on the market that there is potential for direct annual benefit for Malawians in excess of U$ 135,440,973 on 16.5 hectares or U$8,803,663 per five hectares.

The analysis further indicated that the crop has ready markets whose global value chain is worth U$9billion thus giving local Malawi investors a basis to take up cannabis production.

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ex-Nakumatt CEO’s Home Auctioned

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Atul Shah, the former chief executive officer of the collapsed retail giant Nakumatt lost his home to auctioneers over a U$18,609,740 debt.

The auction follows the conclusion of a protracted court battle after the Kenyan High Court dismissed a petition seeking to overturn the forced sale of the high-end property by KCB Group.

Justice Francis Tuiyott dismissed the petition by the administrator of the collapsed Supermarket chain, saying it has no chance of success.

Nakumatt’s court-appointed administrator had opposed the sale on grounds that the auction failed to follow the law, and tagged Mr Shah as an interested party to suit.

The bank, through Leakey Auctioneers, early in the year quietly sold the property, which Mr Shah had used as additional security as Nakumatt’s guarantor to offer comfort to the multiple bank loans.

“This court is not persuaded that the suit, as currently presented, demonstrates a prima facie case with a probability of success. Being unable to surmount that hurdle, it is needless for this court to discuss other aspects raised in the application,” the judge said.

KCB had earlier sold Mr Shah’s prime property in Industrial Area, Nairobi, to Furniture Palace International Ltd for about U$9,677,064 court records show.

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