¹[7. No licence needed for transport or storage of limited quantities of petroleum Class B or petroleum Class C.--Notwithstanding anything contained in this Chapter, a person need not obtain a licence for the transport or storage of--
         (i) petroleum Class B if the total quantity in his possession at any one place does not exceed two thousand and five hundred litres and none of it is contained in a receptacle exceeding one thousand litres in capacity; or
         (ii) petroleum Class C if the total quantity in his possession at any one place does not exceed forty-five thousand litres and such petroleum is transported or stored in accordance with the rules made under section 4.]