Finance and Media Minister Mangala Samaraweera said Sri Lanka's oil prices would be revised every two months based on the Singapore Oil Price index. 

He made this remark a short while ago while addressing a press conference at the Finance Ministry on the fuel price revision. 

"Under the new system," the Finance Minister said, " the prices will see upward and downward variations every two months." 

"It will depend on global crude oil prices" the Finance Minister added. 

The Sri Lankan Cabinet of Ministers approved this new pricing formula at a special meeting chaired by President Mauthripala  Sirisena last night. 

Accordingly, prices of all forms of fuel - including Petrol, Diesel and Kerosine - saw a steep increase today.