According to Bloomberg, Singapore is known as one of the most expensive cities in the world and motorbikes are one of the most affordable modes of transportation there.
According to figures from the Land Transport Authority, the cost of a 10-year motorcycle permit in the city-state reached a record S$12,801 ($8,984) this month, up over 200 per cent in four years and more than the price of a new, entry-level bike in the Southeast Asian country.
In order to limit the number of vehicles and motorcycles on the road, Singapore limits the number of certificates of entitlement, often known as permits.
At the end of September, there were only about 142,000 motorcycles in the city.Drivers would require over S$20,000 at the present permit price in order to purchase and operate a $5,000 entry-level motorcycle.
According to Nathan Peng, a lecturer in political science at the Singapore Management University, who was reported by Bloomberg, it will eventually filter down to the delivery riders who circle the island on low-cost motorcycles.
Currently, it costs more than S$11,000 to renew an existing permission. This is nearly six times what it was a decade ago, but less expensive than the price of a new permit.
Renters’ fees are projected to rise, while those who own their own bikes will be directly responsible for the increasing prices. Many delivery people hire automobiles, either from private owners or from food delivery companies like Grab.