Petrol Diesel Price: Having a personal vehicle is considered common in many countries but the situation is completely different in Hong Kong. Less than 13% people there have personal vehicles. This has made this developed country one of the regions in the world where vehicle ownership rates are lowest. One of the main reasons for this is the very high prices of petrol, diesel, tax and parking. Amidst the ongoing tension in the Middle East, let us know the price of petrol and diesel in Hong Kong.

Petrol and diesel prices

According to global fuel trackers and official oil price monitoring systems, fuel prices in Hong Kong have reached extremely high levels. The price of standard petrol is approximately HKD 32.64 per liter. In Indian currency it is approximately ₹ 348 per liter. Premium petrol is even more expensive. Its price is approximately HKD 34.44 per liter. In Indian currency it will be ₹ 367 per liter. With this, the price of diesel is approximately HKD 36.17 per liter. In Indian currency it will be ₹ 385 per liter.

Fuel is very cheap in China

Interestingly, fuel prices in neighboring mainland China are almost three times lower than those in Hong Kong. Because of this huge difference, many Hong Kong residents reportedly cross the border to China to get cheap fuel.

Public transport is quite strong

The biggest reason why fewer people own vehicles in Hong Kong is its efficient public transportation system. Services such as metro networks, buses, ferries and minibuses are cheap, fast and widely available. Most residents find public transportation much more practical than owning a private vehicle.

heavy tax on vehicles

The Hong Kong government deliberately controls the number of private vehicles by imposing high taxes. People buying a new car have to pay first registration tax. This can range from 46% to 132% of the value of the vehicle, depending on the model and price. Along with this, the annual license fee is also very expensive. The vehicle owner also has to pay an annual license fee depending on the size of the engine. This annual charge can be approximately between ₹ 50000 to ₹ 115000 in Indian currency. Along with this, the monthly parking rent for a normal vehicle can range from HKD 3000 to HKD 6000. This is equivalent to approximately ₹32000 to ₹64000 every month in Indian currency.

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Unique Car Law: In many countries, buying a car is just a matter of payment and registration. But there is an extra requirement to buy a car in Japan. In fact, before purchasing most of the vehicles here, buyers first have to prove that they have a legal place to park it. This rule is part of Japan’s strict urban planning and traffic management policy. This rule is commonly known as Shako Shomisho. It means parking space certificate.

What are the shako shomeisho rules?

Anyone planning to register a car under the parking proof system needs to produce official documents to confirm that they have an assigned parking space. Without this certificate the authorities will not allow the vehicle to be registered. This certificate is issued by the local police station after verifying that the parking space meets the required conditions. This proves that every registered vehicle has a legal parking spot and does not occupy public roads.

Why did Japan make this law?

Japan made this rule mainly because of less space in cities. Cities like Tokyo and Osaka have a very high population. Road space is very valuable here. Without strict parking rules, roads can quickly become filled with parked vehicles. This policy also helps in reducing illegal parking on footpaths and roadside spaces.

When it is necessary for every vehicle owner to have a specific parking space, it naturally stops people from leaving their vehicles in public places. Along with this, another important objective is traffic management. Clean roads ensure easy movement of vehicles.

Requirements for parking proof

Under Japan’s parking certificate system, the parking space must be at a reasonable distance from Malik’s home or place of work. Generally, the fixed parking space should be within 2 kilometers from the vehicle owner’s house. The parking certificate will also have to be verified by the police. Local officials review the application and may even visit the site to confirm that parking spaces actually exist.

The special thing is that the parking space does not necessarily belong to the buyer. Many people in Japan rent parking spaces from private parking operators or apartment buildings. As long as the applicant provides correct rental documents, a parking certificate can be issued.

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Everyone dreams of having their own car, but many people are not able to buy a car due to budget. There are some people who are fond of changing vehicles frequently. For such people, car companies are now giving a new option of taking a car on lease. These days, this facility is fast becoming the choice of people in India. People are now increasingly taking cars on lease instead of buying them. In such a situation, let us tell you today what is the car lease scheme and whether it is more beneficial to take a car on lease or a new car.

What is this facility of car lease?

Actually, under this scheme, car companies give cars on lease to customers for a fixed period of time. In return the customer has to pay an amount every month. This amount is decided according to the time limit and model of the vehicle. In this you do not have to make any down payment, but some amount has to be deposited as security money. In this, the company sets a limit for you to drive the car, on crossing which you have to pay extra charge. The special thing is that the company bears the expenses of maintenance, service and insurance of the vehicle. This means that the customer gets relief from hassles.

What are the advantages and disadvantages?

Many big car companies in India like Hyundai, Mercedes, Mahindra & Mahindra, Fiat and Skoda are providing this facility. The biggest advantage of this scheme is that the customer does not have to bear down payment, road tax and maintenance expenses. However, its biggest disadvantage is that despite paying money every month for a long time, the customer does not become the owner of the car and after the completion of the stipulated period, the car has to be returned to the company. However, this scheme can be beneficial for those people who like to change vehicles frequently or whose job is transferable. Such people can experience new vehicles without purchasing. Under the car lease scheme, customers can take the vehicle on lease for 12 months to 40 months. After completion of time, the plan can be extended or another vehicle can be taken on lease.

Is it better to buy or lease a car?

If you are going to stay and drive in the same city for a long time, then buying a car will be more beneficial. However, if you are in a city for only two to three years then it would be better to take a car on lease. It can be understood in this way that if you buy a car worth Rs 50 lakh, then you will have to pay EMI of about Rs 1.19 lakh every month, in which the total expenditure in 3 years reaches about Rs 60 lakh. Whereas if you take that car on lease, you will have to pay a rent of Rs 1.3 lakh every month and the expenditure in 3 years will be around Rs 37 lakh. After taking the car on lease, you will have to return the car to the company after the completion of the period.

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