(Update) Oil firms to cut gasoline, diesel prices

Five oil companies, including the three largest oil firms in the country, on Monday announced that they would roll back the prices of their gasoline and diesel products to reflect prices in the international market.

The so-called Big 3 - Pilipinas Shell Petroleum Corp. (PSPC), Chevron Philippines (formerly Caltex), Petron Philippines - as well as independent firms Seaoil Philippines and Thailand-based PTT Philippines said they are reducing the prices of their gasoline products by P1 per liter and diesel by P0.50 per liter.

Roberto Kanapi, Shell’s vice president for communications, and Rey Jimenez of Seaoil said their price cut took effect 6 p.m. Monday.

This would be followed by Petron at 10 p.m., said its spokesperson Virginia Ruivivar.

Chevron's rollback, meanwhile, will take effect 12:01 a.m. Tuesday, according to its spokesman, Toby Nebrida.

PTT's will take effect later Tuesday at 6 a.m.