Lantern

From Zelda - Wiki on Neoseeker

The lantern is given to you by Coro, the man in the Faron Woods who lives near the entrance to Hyrule Field. The lantern is primarily used to light objects on fire, such as torches and spider webs, but can also be used for illuminating dimly lit areas, such as caves. To use the lantern, you must have lantern oil, which can be purchased from Coro [See Bottles], Sera, or from other shops around Hyrule. You can also use yellow Chu Jelly as lantern oil. Occasionally, you will even find pots of it in certain caves or dungeons. It cannot be used once it runs out of oil, so it's a good idea to keep a bottle of it with you.

In the Faron Woods, the lantern also has the ability to repel the poisonous fog covering the forest floor.

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