US President Donald Trump has directed petrol retailers across the country to immediately reduce fuel prices, warning that companies that fail to comply could face serious consequences.
Trump made the statement on his Truth Social platform, accusing some retailers of unfairly increasing prices despite falling oil costs.
“Gasoline retailers must get their prices down, immediately,” Trump said, adding that there would be no price gouging, which he described as illegal.
He urged fuel sellers to target a price of around $2.50 per gallon, calling on them to act quickly in the interest of American consumers.
Trump also criticised California’s petrol taxes, saying they were making fuel more expensive for residents. California Governor Gavin Newsom, a Democrat and longtime critic of Trump, has defended the state’s climate policies and renewable energy plans.
Fuel prices in the US have risen following tensions and conflict involving Iran, prompting the Trump administration to push for increased domestic oil production and the use of emergency measures to restart a previously closed oil pipeline in California.
Last week, Trump also announced that the US Department of Justice would investigate major oil companies, claiming they were not lowering petrol prices despite paying less for crude oil.
The president’s push for cheaper fuel comes amid criticism over his Iran policies and concerns about rising living costs ahead of the upcoming midterm elections.
Economists have questioned Trump’s prediction that fuel prices will quickly fall after the conflict, warning that the economic impact could continue for a longer period.
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