Oil price rollback seen this week

Oil companies announced the reduction of oil prices this week.

Seaoil disclosed it will reduce gasoline prices by 90 centavos per liter, diesel prices by 1 peso and 70 centavos per liter, and kerosene prices by 1 peso and 65 centavos per liter which took effect at 6 a.m., Monday.

Shell and Petro Gazz will have the same price cuts starting 6 a.m., Tuesday.

Cleanfuel rolled back prices Sunday afternoon, while Phoenix Petroleum cut prices last Saturday.

International prices declined for five days last week due to concerns that the US-China trade deal may not spur enough demand, according to Reuters.