Oil firms are set to raise the price of gasoline this week by P0.50 per liter.

Shell and Cleanfuel on Monday said the cost of diesel will go down by P0.40 per liter.

Shell said it will also lower the cost of kerosene by P0.35 per liter.

The price adjustments will take effect on Tuesday, March 5.

Last week, oil companies lowered their pump prices by P0.70, P0.95 and P1.10 for gasoline, diesel and kerosene, respectively.