Perception of time is not always veridical; rather, it is subjected to distortions. One such compelling distortion is that the duration of regularly spaced intervals is often overestimated. One account suggests that excitatory phases of neural entrainment concomitant with such stimuli play a major role. However, assessing the correlation between the power of entrained oscillations and time dilation has yielded inconclusive results. In this study, we evaluated whether phase characteristics of neural oscillations impact time dilation. For this purpose, we entrained 10-Hz oscillations and experimentally manipulated the presentation of flickers so that they were presented either in-phase or out-of-phase relative to the established rhythm. Simultaneous electroencephalography (EEG) recordings confirmed that in-phase and out-of-phase flickers had landed on different inhibitory phases of high-amplitude alpha oscillations. Moreover, to control for confounding factors of expectancy and masking, we created two additional conditions. Results, supplemented by the Bayesian analysis, indicated that the phase of entrained visual alpha oscillation does not differentially affect flicker-induced time dilation. Repeating the same experiment with regularly spaced auditory stimuli replicated the null findings. Moreover, we found a robust enhancement of precision for the reproduction of flickers relative to static stimuli that were partially supported by entrainment models. We discussed our results within the framework of neural oscillations and time-perception models, suggesting that inhibitory cycles of visual alpha may have little relevance to the overestimation of regularly spaced intervals. Moreover, based on our findings, we proposed that temporal oscillators, assumed in entrainment models, may act independently of excitatory phases in the brain’s lower level sensory areas.