Moreover, the rate of kerosene oil was cut by Rs3.82 per litre to Rs201.16 while the price of light diesel oil was decreased by Rs4.52 per litre to Rs175.93.

Earlier in the day, the government cut the price of liquefied petroleum gas (LPG) by 1.5%. The notification indicated a Rs45.18 rise in the rate of domestic cylinders.

Earlier this month, the government slashed the prices of petrol and diesel by Rs2.04 and Rs6.47, respectively, following a fortnightly revision.

Oil prices fell on Thursday after rising by more than 1% earlier in the session after OPEC+ oil producers agreed to voluntary output cuts approaching 2 million barrels per day (bpd) for early next year, with each country announcing separately its voluntary cut.

Brent crude futures for January fell by 50 cents, or 0.6%, to $82.60 a barrel by 11:30 a.m. EDT (1630 GMT). The front-month Brent contract, down about 6% on the month, expires later on Thursday.

The more liquid February contract was down $2.54, or 3.1%, at $80.34.

US West Texas Intermediate crude futures fell by $2.63, or 3.4%, to $75.24, and is down about 9% on the month.