The relentless rise in petrol prices is taking its toll on unexpected quarters as lawyers in Lahore are making a pedal-powered shift.
Faced with soaring fuel costs, some legal practitioners have parked their motorcycles at home and are now commuting to work on bicycles.
One such lawyer, Rana Irfan Advocate, shared his experience, saying, "I had to make a choice between paying for my motorcycle's petrol, children's school fees, and electricity bills. I chose the latter two. Today, I have come to the court on a bicycle. It's a challenging adjustment, but it's necessary in these trying times".
As petrol and diesel prices continue to soar, there is mounting concern that this will exacerbate inflation, impacting various sectors, including transportation fares.
The recent price hike in petroleum products has shattered all records, with petrol surging by 26.2 rupees per liter and high-speed diesel increasing by 17.34 rupees per liter.
The Ministry of Finance attributes the surge in petroleum product prices to global market fluctuations. According to agreements with the International Monetary Fund (IMF), a petroleum levy of up to 60 rupees per liter is being collected from consumers, with a target of 869 billion rupees set for this fiscal year, compared to 542 billion rupees collected in the previous year.
Under the IMF agreement, the burden of increased global oil prices is directly transferred to consumers.
Global oil prices have reached a 10-month high of $94 per barrel, leading to an 88 paise per liter increase in the sales margin of petroleum dealers and oil marketing companies, which has been passed on to consumers.
