New Delhi, Aug 31 : 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.

Concerns have been raised over escalation in tensions in Syria with a possible US intervention and, thereafter, the fallout on oil prices.

"Currently, the rupee-dollar exchange rate continues to be extremely volatile. Also thegeopolitical situation in the Middle-East is leading to pressure on international oil prices as well," the IOC said in a statement.

"In view of these conditions, movement of prices in international oil markets and rupee-dollar exchange rate is being closely monitored and subsequent price changes will reflect developing trends of the market."

The three state-owned oil marketing companies (OMCs) had last raised prices of petrol and diesel by Rs. 0.70 and Rs. 0.50 more per litre, respectively on Aug 1, 2013. (IANS)