HT.
No, there is no low fuel light. The fuel gauges on aircraft of this age are generally crap. I have drained the tanks dry (on the ground!) and seen 1/4 full still on the gauge. It had been 'calibrated' within the past year to comply with the AD.
The fuel flow gauge is nearly always as bad. I'm not defending running out of fuel. Basic fuel calculations show that this flight was just not on.
However: He was a low hour pilot and likely as not believed what the instruments were telling him. A costly mistake indeed, but in my opinion one that should not be possible.
The regulatory system in this godforsaken country makes it nearly impossible to fit decent instruments. I know. I have tried.
Ok, dipping, a calculator and half a brain works for me, but this is the 21st century. It is not unreasonable to expect instruments that are accurate.
Its time that old aircraft - and not just helicopters, were allowed to be upgraded. Inaccurate instruments are worse than none at all.
The safety regulators should be constructive, not obstructive. They may find that approach actually prevents accidents.