Several oil companies have announced another price reduction effective 6 a.m. on Tuesday.

In advisories, Petro Gazz, Seaoil, and PTT Philippines said they will cut gasoline prices by PHP0.45 per liter and diesel by PHP0.10 per liter.

Diesel price declined for a fifth straight week given the impact of developments overseas, including the stabilization of supply following the drone attacks in oil facilities in Saudi Arabia.

Economists have said that investors are now refocusing their eyes on the global economy, which is expected to post weak output this year due in part to geopolitical and trade issues globally.

The overall forecast for a weak global growth this year is, in turn, seen to lower demand for oil thus, the decline of prices. (PNA)