MANILA, Philippines?Oil majors Petron Corp., Chevron Philippines and Pilipinas Shell Petroleum Corp. have slashed their prices of their premium gasoline, diesel and kerosene by 75 centavos a liter effective Tuesday.

The three oil companies also cut the prices of regular gasoline by 25 centavos a liter.

According to Petron and Shell, the latest oil price rollback reflected the decline in the prices of petroleum products in the international market last week, compared to the previous week

Other oil companies have yet to issue their respective advisories as of press time.

Latest data from the Department of Energy showed that the price of Dubai crude averaged $76 a barrel as of Aug. 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 still higher at an average of $85 a barrel within the Aug. 1-16 period, from $82 a barrel in July.

MOPS based diesel prices remained higher at $91 a barrel in the first 16 days of August compared to the previous month's average of $86 a barrel.