A reduction of that magnitude would be the biggest since the Covid-19 pandemic, although the delegates said a final decision on the size of the cuts would not be made until ministers gather in Vienna on Wednesday.
Oil prices rose more than 1 per cent on Tuesday after declining to a nine-month low a day earlier, amid the hint that the Organization of the Petroleum Exporting Countries (Opec+) -- the producer alliance -- may go for output reductions to prevent further collapse in prices.
Across the country as well, the petrol and diesel price remained unchanged on Tuesday but its retail levels varied depending on the level of local levies in respective states.
In Mumbai, petrol is now priced at Rs 97.19 a litre from previous days' price of Rs 97.40 and diesel in the city is now priced at Rs 88.20 a litre from previous price of Rs 88.42 a litre.
This is the eighth increase in rates since November 20 when oil companies resumed daily price revision after nearly two-week hiatus.
Even global crude price has doubled to about $40 a barrel since April.
State-owned fuel retailing companies, Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had frozen petrol and diesel prices since March 16.
Aviation turbine fuel (ATF) consumption collapsed by 91.5 per cent as most airlines have stopped flying.
1. This is the third straight monthly reduction in rates of LPG or market-priced cooking gas, which users who have given up subsidy buy. 2. Domestic LPG users are entitled to buy 12 bottles of 14.2 kg each at subsidised rates in a year.