Washington: US President Donald Trump has urged fuel retailers to immediately reduce petrol prices, saying consumers are not receiving the benefit of falling crude oil prices.
In a post on his social media platform Truth Social, Trump said crude oil prices had declined to around 68 dollars per barrel, but petrol prices remained unnecessarily high. He called on oil companies to reduce petrol prices to around 2.50 dollars per gallon.
Trump alleged that consumers were continuing to pay more than necessary despite the sustained decline in crude oil prices. He warned that charging excessive prices was unlawful and cautioned oil companies that they could face serious consequences if prices were not lowered promptly.
The US President also noted that he had previously directed the Department of Justice to examine the pricing practices of major oil companies.
Crude oil prices had surged during heightened tensions involving the United States, Israel and Iran. Although global crude prices have since eased, retail petrol and diesel prices in the United States have not fallen at the same pace, prompting Trump’s latest appeal to fuel companies.
