Oil companies will lower their pump prices this week.

Shell and Seaoil said on Monday that gasoline prices will go down by P0.70 per liter and diesel by P0.95 per liter. The cost of kerosene will be lowered by P1.10 per liter.

Last week, oil companies raised their pump prices by P1.60, P1.10 and P1.05 for gasoline, diesel and kerosene, respectively.