ISLAMABAD: The government has announced a massive increase in petrol price and diesel rates, a move likely to trigger a fresh wave of inflation across the country, ARY News reported.Minister of State for Finance Ali Pervaiz Malik, flanked by Federal Finance Minister Muhammad Aurangzeb, made the announcement during a press conference.According to the officials, the petrol price has been increased by Rs138 per litre, taking the new rate to Rs458.40 per litre. Meanwhile, diesel price has been raised by Rs184 per litre, reaching Rs520.35 per litre.The sharp hike in fuel prices is expected to significantly impact transportation costs and essential commodities, raising concerns about further inflationary pressure on the public.Also Read: IMF ‘asks’ Pakistan to limit fuel subsidiesEarlier, a high-level meeting involving the Federal Government of Pakistan and the top political leadership of the provinces on petroleum prices and targeted subsidy modalities was held at the Finance Division under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.The meeting was attended by the Chief Minister Punjab, Ms. Maryam Nawaz Sharif (virtually); Chief Minister Sindh, Syed Murad Ali Shah (virtually); Chief Minister Balochistan, Mir Sarfraz Ahmed Bugti; and the Finance Minister Khyber Pakhtunkhwa, Mr. Muzzammil Aslam (virtually).Chief Secretaries of all four provinces (virtually), Federal Minister for Petroleum Mr. Ali Pervaiz Malik, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Information Technology and Telecommunication Ms. Shaza Fatima Khawaja, along with the Federal Secretaries of Finance, Petroleum, and IT & Telecom, and senior officials from relevant ministries, divisions, and regulatory authorities also participated in the meeting.