MANILA, Philippines -- (UPDATE 4) Major and independent oil players rolled back prices of diesel and gasoline early Thursday morning.

The latest oil firm to reduce its prices is Unioil Petroleum Philippines, which according to its general manager Chito Medina-Cue, will cut back the cost of diesel by P6 per liter and gasoline by P2.50 per liter effective 2 p.m. Thursday.

“This is the biggest rollback in the history of the Philippines so far. This is bigger than the others,” he said.

Medina-Cue said they would also have a rollback on kerosene prices to be announced Friday.

Independent oil player Eastern Petroleum reduced by P5 per liter the price of diesel and P2 per liter for gasoline effective 12 noon, said president Fernando Martinez.

Earlier in the day, Pilipinas Shell vice president for communications Bobby Kanapi, Petron spokesperson Virginia Ruivivar, and Toby Nebrida, communications manager of Chevron, announced a P5 per liter cutback on diesel and P2 per liter on gasoline and kerosene, effective 7 a.m.

Nebrida said that Chevron also reduced prices of its fuel oil by P2.50 per liter effective 7 a.m.

Shortly after midnight Thursday, SeaOil Philippines implemented a P2 per liter cutback on diesel, gasoline, and kerosene, said Rey Jimenez, brand group manager.

Other independent oil players are expected to follow suit.

Kanapi said the rollbacks were prompted by the huge drop in world oil prices, which are now pegged below $60 a barrel.

When asked if there would be more cutbacks, Kanapi said, "We cannot speculate, but implications are good."

But Medina-Cue said they were expecting more reductions in November as world oil prices continued to decline.

He added that the rollback was their company’s gift to motorists who would be going home to their respective provinces this All Saints’ Day.

“This is our gift to the riding public,” he said.