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Petron, Flying V to rollback fuel prices Tuesday

Two fuel companies on Saturday announced they will decrease the prices of their products next week.

Effective 6 a.m. on Tuesday, March 17, Petron will implement a rollback in the prices of their products: P4.00/liter for gasoline; P4.00/liter for diesel and P4.50/liter for kerosene.

"These reflect movements in the international oil market," Petron said.

Likewise, Flying V said it would implement P4 per liter rollback for gasoline and diesel prices; and P4.50 per liter reduction for the price of kerosene.

The price adjustment will take effect 6 a.m., Tuesday, March 17.

Fuel company Phoenix Petroleum Philippines already implemented a rollback in the prices of its diesel and gasoline products on Friday at noontime, cutting the price of diesel by P3 per liter and gasoline by P3 per liter.

The big-time rollback came as tension escalated between Russia and Saudi Arabia. Russia refused production cuts which resulted in Saudi Arabia's move to cut its oil prices at the same time increasing its production.

These moves would result in more supplies against the dwindling demand for oil as travels are restricted with fewer people moving around.

Oil prices slid further after the announcement of US President Donald Trump to restrict travel from parts of Europe to the United States. —With a report from Ted Cordero/KG/DVM, GMA News