Petrol prices were hiked by Rs 1.63 per litre excluding VAT from midnight on Friday night.
This is the seventh increase since June on rising oil rates and falling rupee.
The petrol price in Delhi will go up by Rs 1.96 to Rs 76.06 per litre, while it will cost Rs 83.63 per litre in Mumbai as against Rs 81.57 currently.
With this increase, petrol prices have gone up by a massive Rs 10.80 per litre since June, excluding VAT.
A cut in petrol prices had been expected on 15th/16th September, the scheduled date for fortnightly revisions, on the back of an appreciating rupee over the past few days.
However, the oil firms advanced the date and announced the increase after factoring in the rupee's depreciation in the early part of the month.
An Indian Oil Corporation statement issued here said average International price of crude oil has gone up to 117.40 dollar per barrel from 114.44 dollar per barrel and depreciation of the rupee against the dollar led to the hike.
Diesel prices may soon see a one-time hike of Rs 3-5 per litre, kerosene of Rs 2 a litre and LPG of Rs 50 per cylinder as the Oil Ministry looks at ways to tackle a record Rs 180,000 crore of losses from the dipping rupee and surging oil rates.
Diesel currently costs Rs 51.97 a litre in Delhi and LPG Rs 410.50 a cylinder in the capital. (ANI)