The price rollback enforced by small oil firms Monday have prompted the bigger oil companies, as well as independent cooking gas retailers, to implement price cutbacks of their own.

One of the “Big Three” oil companies, Chevron Philippines (formerly Caltex), reduced its gasoline price by P1 a liter, and diesel and kerosene price by 75 centavos a liter effective 6 p.m. last Monday.

Pilipinas Shell followed suit with a similar adjustment at 12:01 a.m. Tuesday or some six hours later.

Meanwhile, the other remaining oil giant, Petron Corp., slashed P1 off its retail price for gasoline at 6 a.m.

Petron had earlier shed 75 centavos from its diesel and kerosene price last Monday noon.

Total Philippines, considered the country’s fourth largest oil firm, matched the Big Three’s rollback also at 6 a.m. Tuesday.

Small oil players Seaoil Philippines, Eastern Petroleum, and Flying V Philippines initiated this week’s round of rollbacks, pulling down their pump prices by as much as 75 centavos a liter.

Local oil firms have reduced pump prices for the third time in as many weeks, noting the slide in world market prices as reason.

Meanwhile, the Liquefied Petroleum Gas Marketers Association (LPGMA) also made official Tuesday midnight a 50-centavo per kilo cutback on its cooking gas products.

The LPG rollback, which translates to a P5.50 markdown for every regular 11-kilogram cylinder, was the group’s third so far this year. Two P1-rollbacks were enforced by the LPGMA last month to reflect cheaper world contract prices.

This sent down the current price of its LPG 11-kg. tank to around P605 apiece. In comparison, the 11-kg. tank from the big oil companies are within the P630-655 price range.