Tacloban City (July 12) -- The three largest oil companies in the country will implement a rollback of their pump prices on July 12.

The prices of gasoline, kerosene and diesel will be reduced by P1.50 per liter by Pilipinas Shell, Petron Corporation and Chevron Philippines, formerly Caltex.

The price adjustment of Chevron and Shell will take effect at 12:01 in the morning, while the price adjustment of Petron will take effect at 6:00 o?clock in the morning.

In its media advisory, Petron Corporation, the country?s largest oil refinery, stated that it will cut prices of petroleum products by P1.50 per liter in order to reflect the impact of lower oil prices and the zero tariff on crude oil and finished petroleum products.

The average price of Dubai crude dropped to $71 per barrel from $74 week on week. Unleaded gasoline also dropped to $81 per barrel from $83 per barrel and diesel $83 per barrel from $87 per barrel.

Although Petron did not say how much the impact of the tariff cut will be, the Energy Department expects the price reduction between P0.60 and P0.70 per liter.

It would be recalled that last week, the oil firms cut diesel and kerosene prices by P0.75 per liter and that of gasoline by P0.50 per liter to reflect the downward trend in world crude prices.

The current price of unleaded gasoline is between P41.45 and 46.75 per liter.