United States President Donald Trump has directed fuel retailers across the country to immediately lower gasoline prices, arguing that the recent decline in global crude oil prices should be reflected at the pump without delay.
In a post on his Truth Social platform, Trump said retailers were keeping prices unnecessarily high despite crude oil trading at around $68 per barrel, warning that his administration would not tolerate what he described as price gouging.
"Gasoline Retailers must get their Prices down, IMMEDIATELY! They're too high considering that Oil is now at $68 a Barrel, and heading south," Trump wrote.
He urged retailers to "do what they know is right" by reducing pump prices for American consumers and warned that companies failing to comply could face "big problems."
Trump also said gasoline should be selling for about $2.50 per gallon, while criticising California's fuel tax regime, arguing that the state's taxes have become excessively burdensome and continue to inflate prices despite lower crude oil costs.
"The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gouging, which is totally illegal," he added.
The latest directive comes as fuel prices in the United States continue to trend lower. According to data from the American Automobile Association (AAA), the national average price of regular gasoline stood at $3.86 per gallon on Monday, down from $3.929 a week earlier and $4.391 a month ago. However, prices remain above the $3.187 per gallon recorded during the same period last year.
Trump's comments also follow an earlier announcement that he had ordered an investigation into alleged fuel price gouging by major oil companies and retailers.
Last week, he accused large energy companies of failing to reduce pump prices in line with falling crude oil costs.
"The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock. In other words, customers are being 'gouged'," Trump wrote in an earlier Truth Social post.
He subsequently identified major international oil companies, including ExxonMobil, Chevron, Shell and BP, as firms his administration believes should be passing lower crude costs on to motorists.
The President's renewed pressure comes amid growing debate in the United States over the relationship between international crude oil prices and retail gasoline prices, with consumer advocacy groups frequently accusing retailers of responding rapidly to crude price increases while delaying reductions when oil prices fall.
The recent decline in crude prices has been supported by expectations of renewed diplomatic efforts to ease tensions involving the United States, Iran and Israel, helping to reduce fears of prolonged supply disruptions in global oil markets.
Trump's latest position mirrors similar concerns recently expressed in Nigeria, where government officials have urged petroleum marketers to reflect falling international crude oil prices in domestic pump prices.
On Monday, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, called on marketers to immediately reduce petrol prices to reflect easing global oil prices, insisting that consumers should benefit from the decline.
He stressed that while Nigeria's downstream petroleum sector remains deregulated, operators should not use deregulation as a cover for excessive profiteering.
The Federal Competition and Consumer Protection Commission (FCCPC) has also questioned why petrol prices have not fallen significantly despite lower crude oil prices.
Following a recent market surveillance exercise, the Commission said refiners, depot operators, marketers and filling stations had implemented only marginal price reductions that were not proportionate to the sharp decline in international crude prices.
FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, said although the Commission does not regulate petrol prices under Nigeria's deregulated market, it has a statutory responsibility to protect consumers from exploitative practices, warning that any evidence of price manipulation, anti-competitive conduct or consumer exploitation would attract regulatory sanctions.