Oil prices rolled back anew

MANILA, Philippines — Independent oil players led price reductions for the fourth straight week today as concerns on global demand dampened world prices.

Phoenix Petroleum Philippines Inc. reduced gasoline prices by P1.10 per liter and diesel prices by P1 per liter effective 6 a.m. today.

This is “for the fourth straight week and for motorists to enjoy lower pump prices for the long weekend,” the firm said in its text advisory.

Other oil companies have yet to announce their respective price reductions as of last night.

In the past four weeks, oil companies have reduced gasoline prices by at least P5.55 per liter and diesel prices by at least P3.10 per liter.

International oil prices recorded another weekly loss, registering over a six-percent decline in the past trading week, on oversupply concerns, according to Reuters.