MANILA, Philippines?(UPDATE) Independent player Phoenix Petroleum and Chevron joined oil giants Petron Corp. and Pilipinas Shell Petroleum Corp. as well as independent players Eastern Petroleum and Sea Oil Philippines in reducing the prices of their products effective Monday.

Phoenix rolled back the prices of diesel by P0.25 per liter and gasoline by P0.75 per liter effective 6 a.m.

Chevron reduced gasoline prices by P0.75 per liter and diesel and
kerosene by P0.25 per liter, said communications manager Toby Nebrida.

Independent player Flying V Philippines may also cut prices of gasoline by P0.80 a liter, and of diesel by P0.20 a liter, based on its announcement last Friday, according to Energy Undersecretary Jose Layug Jr.

The rollback comes after local firms had implemented oil price increases five times since the middle of December last year.