MANILA, Philippines -- (UPDATE) Following the oil price cuts implemented by some oil companies, the Big 3 major oil firms also announced that it will roll back fuel prices effective Monday morning.

At 6 a.m. Monday, Petron Corp. cut P1.25 per liter on gasoline, P1 per liter on diesel, and P0.75 per liter on kerosene due to "movements in international oil prices," said spokesperson Virginia Ruivivar.

Pilipinas Shell Petroleum Corp. earlier implemented the same price adjustments at 12:01 a.m. Monday, said vice president for communications Bobby Kanapi.

Chevron Philippines also cut the prices of its E10 and gasoline products by P1.25 a liter, of diesel by P0.50 a liter, and of kerosene by P0.75 a liter.

Independent oil players Seaoil Philippines and Unioil Petroleum Phils. Inc. slashed prices of gasoline by P1.25 a liter, of diesel by P1 a liter, and of kerosene by P0.75 a liter effective 12:01 a.m. Monday.

Another independent player, Phoenix Petroleum Philippines, led the rollback on Saturday, as it cut prices of gasoline and diesel by P1.25 and P1 a liter, respectively.

Phoenix explained that the rollback was “due to the downward trend in international oil prices and local market competition.”

This would be the first time in six weeks that oil companies cut the prices of their petroleum products.

Compared to the previous week’s level, crude oil fell lower in the June 22-25 period, as an Energy Information Administration (EIA) report showed large increases in gasoline and diesel inventories.

“Adding support to bearish factors are the strengthening US dollar and falling crude demand in the United States and Japan, two of the world’s largest oil consumers,” the report said.