MANILA -- Major oil companies yesterday said they will slash prices of their petroleum products today.

Petron Corp., Pilipinas Shell and Chevron (formerly Caltex Philippines) will reduce the price of unleaded and premium gasoline by 60 centavos per liter; 35 centavos per liter on regular gasoline; and 40 centavos per liter on kerosene.

The "Big Three" oil firms did not announce any cut in the price of diesel.

The price adjustments will take effect at 12:01 a.m. today, they said.

The oil companies said that the rate tweak reflected the movement in the international market.

Small oil player Eastern Petroleum Philippines was slated to also slash at past midnight P0.60 per liter on unleaded and premium as well as P0.40 per liter on kerosene but no price rollback in their diesel products.

Other oil players have yet to announce a rollback as of press time.

Local oil companies recently enforced a back-to-back price hikes, resulting in accumulated increases worth P1.75 per liter for premium, P0.70 per liter for both diesel and regular and P0.75 for kerosene.

But these recent price hikes would be tempered by the price cuts today, thus resulting in slightly lowered average retail prices — P53 for premium, P42 for diesel and P53 for kerosene.*PNA

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