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Another major oil price drop is scheduled for March 21.

Further price reductions for oil have been announced, taking effect on Tuesday.

Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell each said separately that they will reduce gasoline prices by PHP1.20 per liter and diesel prices by PHP1.85 per liter.

Kerosene costs will also be decreased by PHP 2 per liter by Caltex, Seaoil, and Shell.

The same is anticipated from other oil companies.

Retailers will lower the cost of diesel and kerosene for a second consecutive week.

The collapse of Silicon Valley Bank and Signature Bank, as well as the crises at Credit Suisse and First Republic Bank, were among the banking-related events that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) earlier blamed for the changes in oil prices last week.

Prior to the start of the year, gasoline prices had increased by PHP8.80 per liter, diesel prices had increased by PHP2 per liter, and kerosene prices had increased by PHP0.65.

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