Banerjee, the Trinamool Congress supremo, would lead the procession from Jadavpore to Hazra crossing, covering a distance of 5 km in south Kolkata, senior party leader and panchayat minister Subrata Mukherjee said.
"It will be a major voice of protest against the petrol price hike," Mukherjee told PTI.
Railway minister and Trinamool Congress All-India General Secretary Mukul Roy, would also take part in the procession.
This will be the second protest procession by the Trinamool Congress this week after the one yesterday led by Roy.
Banerjee has expressed strong displeasure at the unprecedented petrol price hike on Wednesday but said she would not pull out of the UPA.
She has said that maybe the Trinamool Congress was not quitting the UPA alliance as the election commitment was to support the government for five years, but it did not mean that resistance against 'unjust decisions' would cease.
Party sources said that protest rallies and processions would also be organised statewide at block-level on Sunday.