MANILA, Philippines — Oil companies will lower their pump prices on Tuesday, December 23, as global markets reacted to a looming oil oversupply. Shell, Seaoil, Cleanfuel and Petrogazz said that gasoline prices will go down by P0.80 per liter and diesel by P1.30 per liter. The cost of kerosene will drop by P1.60 per liter. Last week, oil companies raised gasoline prices by P0.20 per liter but lowered diesel and kerosene prices by P0.20 per liter.