Long queues were seen near petrol sheds last evening as vehicle owners went into panic buying after the fuel price hike was announced. 

As a result, heavy traffic was reported near petrol sheds near petrol sheds in and around Colombo, yesterday. 

The Lanka Indian Oil Company also said they would revise fuel prices after the President's announcement. 

Addressing a press conference at the Finance Ministry on the fuel price revision, 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. 

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