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Market Chatter: Singapore's Fuel Prices Drop Amid US-Iran Peace Progress

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Fuel pump prices in Singapore have eased, with 95-octane petrol dropping to SG$3.42 per liter across all major operators, The Straits Times reported Tuesday, citing the Consumers Association of Singapore's Price Kaki tracking app.

The rate was reached after Esso matched the four-cent reductions introduced days earlier by Caltex, Shell, China Petroleum & Chemical Corp. (SHA:600028, HKG:0386) or Sinopec, and SPC.

The price cuts follow a decline in global oil markets amid the US-Iran framework agreement, with the benchmark crude oil dropping to around $77 a barrel on Wednesday, according to Trading Economics.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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