MANILA. Oil companies yesterday announced they will roll back prices of diesel by P1 per liter.

Petron Corp. and Seaoil said the P1 price cut will take effect by February 1.

"The rollback reflects the tariff reduction," Petron said in a statement.

On the other hand, Unioil Petroleum Philippines said they are implementing P1 rollback in all their petroleum products beginning today.

Unioil decided to impose the price reduction as a result of the softening of oil prices in the world market, average gain of the peso and tariff reduction.

Aside from the three companies, other oil firms are expected to follow suit.