Slash Petrol Prices Now!’ — Trump Issues Strong Order To Gasoline Retailers

Donald Trump has called on gasoline retailers across the United States to immediately lower fuel prices, arguing that the recent drop in global crude oil prices should be reflected at the pumps.....KINDLY READ THE FULL STORY HERE▶

In a post shared on his Truth Social platform, the U.S. president said crude oil was trading at around $68 per barrel and questioned why motorists were still paying what he considered unnecessarily high prices for gasoline.

Trump urged fuel retailers to reduce pump prices without delay, saying consumers deserved to benefit from lower international oil prices. He also warned that his administration would take a tough stance against what he described as price gouging, stressing that such practices are unlawful.

The president cautioned retailers against ignoring the directive, warning that companies that fail to adjust their prices could face serious consequences.

Trump further argued that gasoline should cost about $2.50 per gallon under current market conditions, insisting that Americans should not be denied the savings resulting from declining crude oil prices.

He also criticised California’s fuel tax policy, claiming it has placed an excessive financial burden on motorists. According to Trump, the state’s gasoline taxes have risen to unsustainable levels and, if left unchecked, could eventually exceed the value of the fuel itself.

The remarks come as debates continue in the United States over the slow pace at which reductions in global crude oil prices are reflected in retail gasoline prices. Consumer advocacy groups have repeatedly accused fuel retailers of being quick to raise prices when crude oil becomes more expensive but slow to pass on savings when international prices fall.

Trump’s comments echo similar concerns recently expressed by Nigerian authorities.

Earlier this week, Heineken Lokpobiri urged petroleum marketers in Nigeria to reduce the pump price of Premium Motor Spirit (petrol) to reflect the recent decline in global crude oil prices.

Lokpobiri noted that although Nigeria’s downstream petroleum sector operates under a deregulated regime, deregulation should not be used as a justification for excessive profiteering at the expense of consumers.

He maintained that while the government no longer fixes petrol prices, regulators still have a responsibility to prevent unfair pricing practices and ensure Nigerians benefit from favourable developments in the global oil market.

The Federal Competition and Consumer Protection Commission has also expressed concern over the relatively modest reductions in petrol prices despite falling crude oil prices internationally.

Following a market monitoring exercise, the commission observed that refiners, depot operators, marketers and retail outlets had implemented only slight price cuts that did not correspond with the decline in global oil prices.

The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, stated that although the commission does not regulate fuel prices in the deregulated downstream sector, it is empowered to protect consumers against exploitative market practices.

He argued that if marketers are quick to increase pump prices whenever crude oil prices rise, they should be equally willing to reduce prices when international oil prices decline. Bello also warned that the commission would investigate and sanction any operator found guilty of price manipulation, anti-competitive conduct or consumer exploitation.