Oil firms on Monday announced cuts in pump prices of their petroleum products starting Monday night.

Pilipinas Shell Petroleum Corp., and Seaoil Philippines announced P1.50 per liter cuts in the prices of theur respective gasoline products while prices for their diesel products will be reduced by P0.25 per liter.

Seaoil said it will implement its reduced prices effective 10 p.m. Monday while Pilipinas Shell said it will slash prices effective 12.01 a.m. Tuesday.

Pilipinas Shell also said it also reduce prices of its liquefied petroleum products by P0.40 per kilogram or P4.40 per 11-kg tank also effective 12:01 a.m. Tuesday.

Chevron Philippines (formerly Caltex) said that it will reduce by 12:01 a.m. Tuesday the prices of its gasoline (Gold and Silver) and E10 products by P1.50 per liter while prices of its diesel and kerosene products will be reduced by P0.25 per liter at the same time.

Chevron said its cuts in pump prices was “due to market forces”

Petron Corp. meanwhile said it will implement aP1.50 per liter reduction in prices of its gasoline products and a P0.25 per liter decrease in pump prices of its diesel and kerosene products. Petron sad it will implement the reduced prices 6 a.m. Tuesday.

Last week oil companies also slashed pump prices by P1.00 per liter. With reports from Alvin Elchico, ABS-CBN News