The government on Saturday hiked the petrol price by Rs. 3.18 per litre and of diesel by Rs. 3.09 per litre.
The new prices will be effective from February 28 midnight.
A statement by the Indian Oil Corporation Limited (IOCL) has attributed the increase in fuel price to the rise in crude price in the international market and to the depreciation of rupee.
"Since the previous price revision, there has been further steep increase in international prices of both Petrol and Diesel. The INR-USD exchange rate has also depreciated slightly during this period. The combined impact of both these factors warrants increase in Retail Selling Prices of both Petrol and Diesel," it said.