MANILA, Philippines ? (UPDATE 2) The Big 3 oil companies and independent oil players slashed the prices of their products beginning Monday.

Petron Corp., Pilipinas Shell Petroleum Corp. and Chevron Philippines announced a cut in the price of gasoline by P0.50 per liter.

Shell and Chevron will implement the price adjustment at 12:01 a.m., said Shell vice president for communications Roberto Kanapi and Chevron communications manager Toby Nebrida.

Petron spokesperson Virginia Ruivivar and Phoenix lawyer Raymond Zorilla said they will roll back gasoline prices at 6 a.m.

Shell and Chevron will also roll back the prices of diesel and kerosene by P1 per liter at 12:01 a.m. while Petron will reduce the prices of the same products at 6 a.m.

Meanwhile, independent oil players Phoenix Petroleum and Total Philippines implemented their rollback only for diesel and gasoline at 6 a.m. today.

Phoenix will only cut the price of diesel by P1 per liter at 6 a.m.

Eastern Petroleum Corp. was first to implement the rollback at 6 p.m. Monday.

Independent oil player PTT Philippines said it cut prices of gasoline and diesel by P1, while Flying V Philippines said it would only match the fuel prices per trading area and adjust accordingly.

Shell, Phoenix and Total said the latest price adjustment reflected a decline in the prices of petroleum products in the world market.