US President Donald Trump has asked fuel retailers to cut petrol prices immediately after crude oil prices fell.
In a post on his social media platform, Truth Social, Trump said crude oil had dropped to about $68 per barrel. He said customers were not getting the benefit of lower oil prices and were still paying too much for fuel.
Trump urged retailers to reduce petrol prices to around $2.50 per gallon. He said companies should pass on the fall in crude oil prices to consumers without delay.
He also warned that charging customers more than justified could be illegal. Trump said companies that fail to lower prices could face action. He has previously asked the US Department of Justice to examine the pricing practices of major oil companies.
Oil prices had risen during the recent tensions involving the United States, Israel and Iran. Prices have fallen in recent days, but retail fuel prices in many parts of the United States remain high.
The comments came as indirect talks between the United States and Iran continued in Doha. Officials are discussing the implementation of the memorandum of understanding (MoU) signed earlier this month. Iran has said progress depends on the release of part of its frozen overseas funds and other agreed steps.
Shipping through the Strait of Hormuz has also started to recover after recent disruptions. However, traffic remains below normal levels. The waterway carries a large share of the world’s oil exports, making it important for global energy markets.
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