Oil prices rolled back for 2nd week

MANILA, Philippines — For the second consecutive week, oil companies will roll back petroleum prices today amid a decline in global crude prices.

Prices of gasoline will be reduced by P0.55 per liter, diesel by P0.60 and kerosene by P0.60 per liter.

Caltex, Eastern Petroleum, Flying V, Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines Inc., PTT Philippines Corp., Seaoil Philippines Inc. and Total Philippines Corp. will implement their respective price adjustments starting at 6 a.m.

Petron Corp. and UniOil Petroleum Philippines Inc. have yet to issue their respective advisories.

Global crude prices fell toward the end of the trading week last week on concerns over surging US output and falling demand in China, Reuters reported.

JP Morgan also cut its 2018 crude forecast for West Texas Intermediate by $3 to $62.20 a barrel due to geopolitical tensions and lingering risks of supply disruptions, Reuters said.