MANILA, Philippines -- (UPDATE 2) Major oil players Pilipinas Shell, Petron Corporation, and Chevron (formerly Caltex) have announced that they will implement an oil price rollback early Thursday, officials said on Wednesday.

The three oil firms will cut the prices of gasoline, diesel and kerosene by P1 per liter effective 12:01 a.m. Thursday, Petron spokesperson Virginia Ruivivar, Shell vice president for communications Bobby Kanapi, and Chevron communications manager Toby Nebrida said in text messages to INQUIRER.net.

Petron will also reduce the price of its liquefied petroleum gas by P2 per kilogram, Ruivivar said.

"[The rollback will] reflect international oil prices," she said.