MANILA, Philippines - Several oil companies announced they are implementing a rollback on oil prices at 12:01 a.m. May 8 (Tuesday).

PTT was the first to cut prices of its unleaded gasoline and diesel at 6 p.m. on Monday. Prices of PTT's unleaded were reduced by P0.70/liter, while diesel prices fell by P0.60/liter.

Petron said it is implementing a price rollback: P0.70/liter for Blaze 100, XCS, and Xtra; P0.90/liter for regular gasoline; P0.60/liter for Turbo Diesel and DieselMax, and P0.50/liter for kerosene.

Petron said the rollback in prices is to reflect the movements in the international oil market.

Seaoil also said it will reduce prices of its oil products. Seaoil is lowering its premium and unleaded gas by P0.70/liter; regular gas by P0.90/liter; diesel by P0.60/liter; and kerosene by P0.50/liter

Eastern Petroleum is likewise cutting the prices of unleaded by P0.70/liter; regular by P0.90/liter; diesel by P0.60/liter and kerosene by P0.50/liter. - With report from Alvin Elchico, ABS-CBN News