MANILA, Philippines?(UPDATE 2) Oil giant Pilipinas Shell Petroleum slashed prices of gasoline, diesel and kerosene and diesel by P1 a liter, effective Tuesday.

Effective 12:01 a.m., Shell will reduce the prices of premium, unleaded gasoline, diesel and kerosene by P1 per liter, said vice president for communications Roberto Kanapi.

Shell officials said this latest rollback was meant to reflect the decline in the prices of petroleum products in the international market last week compared to the previous week.

Likewise, Petron Corp. will also reduce gasoline, diesel and kerosene prices by P1 per liter effective 6 a.m. Tuesday, the firm said in a separate advisory on Monday.

Other oil companies have yet to make their respective announcements as of this posting.

However, data from the Department of Energy showed that the Dubai crude averaged $76 a barrel as of August 16, up from last month?s $73-a-barrel average.

The price of unleaded gasoline, based on the Mean of Platts Singapore (MOPS) benchmark for refined petroleum products was also higher at an average of $85 a barrel within the Aug. 1 to 16 period, from $82 a barrel in July.

MOPS-based diesel prices have increased to $91 a barrel within the first 16 days of August, from last month's $86 a barrel average.