OIL COMPANIES on Monday cut the prices of petroleum products, marking the third straight week of rollback to follow the direction of prices in the international market. Phoenix Petroleum Philippines, Inc. was the first to cut prices on Saturday, with a P1.65-per-liter (/L) cut for gasoline and a P0.60/L reduction for diesel. The other companies followed on Monday, at P1.50/L for gasoline, P0.70/L for diesel and P0.65/L for kerosene.”These reflect movements in the international oil market,” said Petron Corp. Last week, oil companies cut the per liter prices of gasoline by P1.85 to P2.00, diesel and kerosene by P0.90 each. — Victor V. Saulon