New Delhi:Petrol and diesel will cost Rs 2.35 and Rs 0.50 more per litre, excluding state taxes, from midnight Saturday, state-run Indian Oil Corporation (IOC) announced.

The IOC said that it had to hike prices due to sharp depreciation of the rupee and hardening of crude prices in the international market due to the volatile situation in Syria.

The Indian rupee has lost more than 25 percent against the dollar since the beginning of the financial year. On Aug 28, 2013, the partially-convertible rupee touched a new record low of 68.80 against the dollar.

In Delhi,the petrol price would increase to Rs 74.10 per litre while diesel would increase to Rs 51.97 per litre.Similarly, in Mumbai, Chennai and Kolkata, petrol would now be priced at Rs 81.57, Rs 77.48 and Rs 81.57 per litre respectively. For diesel, the upward revision would result in prices of Rs.58.86, Rs.55.37 and Rs.56.33 per litre in the three cities respectively.