Oil storage renewal fees to jump to $24,550

The Government is planning to revise the license fees for oil storage installations.

New licences fees will drop to $39,050 and annual renewal fees will increase to $24,550.

The amendment regulation, the Building Regulation 2011 made under the Buildings Ordinance, was gazetted today, according to the Hong Kong Information Services Department.

The Government said the proposed fees are to recover the full cost of providing public services, in line with the user-pays principle. The proposed fee adjustments reflect improved efficiency.

According to the Buildings Ordinance, an oil storage installation means any tank having a capacity of not less than 110,000 litres constructed above ground level for the purpose of storing petroleum products.

The Government said the proposed fee adjustments should have little impact on the operating costs of the industry practitioners and do not have a direct impact on the public at large.

Stakeholders of the industry have been consulted and no objection was raised.