diff --git a/setup.cfg b/setup.cfg
index 5537152..7c253f8 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -14,22 +14,21 @@ classifiers =
     License :: OSI Approved :: BSD License
     Programming Language :: Python
     Programming Language :: Python :: 3
-    Programming Language :: Python :: 3.7
     Programming Language :: Python :: 3.8
     Typing :: Typed
 
 [options]
-python_requires = >=3.7
+python_requires = >=3.8
 package_dir=
     =src
 packages=find_namespace:
 zip_safe = False
 include_package_data = True
 install_requires =
-    opentelemetry-api~=1.27
-    opentelemetry-sdk~=1.27
-    opentelemetry-exporter-otlp~=1.27
-    opentelemetry-instrumentation~=0.48b0
+    opentelemetry-api~=1.28.1
+    opentelemetry-sdk~=1.28.1
+    opentelemetry-exporter-otlp~=1.28.1
+    opentelemetry-instrumentation~=0.49b1
 
 [options.packages.find]
 where = src
diff --git a/src/uptrace/version.py b/src/uptrace/version.py
index 571b8a2..b57faff 100644
--- a/src/uptrace/version.py
+++ b/src/uptrace/version.py
@@ -1,3 +1,3 @@
 """Uptrace distro version"""
 
-__version__ = "1.27.0"
+__version__ = "1.28.1"