Three oil companies will roll back pump prices by P2.00 per liter. The firms attributed the reductions to the continuing downward trend of oil prices in the world market. Petron, Shell, and Seaoil will rollback their  gasoline, diesel and kerosene prices at 12:01 a.m. this Friday. Shell implemented a P1.00 per liter rollback on their oil prices last September 5.

An independent study concluded that speculation by large investors and not supply and demand for oil were a primary reason for the surge in oil prices during the first half of the year and the more recent price declines. Oil traded around $102 a barrel last Wednesday on the New York Mercantile Exchange.