The party urged the people to protest against the "latest imposition of burden" on their livelihood.
"The Polit Bureau strongly condemns the massive hike in the prices of petrol and diesel announced by the Modi government.
"This will lead to the cascading of the inflationary spiral imposing unprecedented burden on the working people, once again in a big way," the party said in a statement.
After two rounds of cuts, petrol prices were yesterday raised by Rs 3.96 per litre and diesel by Rs 2.37 a litre.