Oil firms slashed as much as P1 off the cost of fuel products on Monday to reflect the reduction of oil prices in the international market. Chevron (formerly Caltex) Philippines, Pilipinas Shell and Flying V cut diesel and kerosene prices by P1 a liter and gasoline price by 50 centavos a liter, GMANews.TV reported. Shell also reduced the price of V-Power by 25 centavos."The price movement is due to lower MOPS prices," Chevron spokesperson Toby Nebrida said in a text message sent to media. MOPS is the benchmark used by importers of refined oil products.