Trump calls for probe into petrol price ‘gouging’
He says the fall in petrol prices was neither enough nor proportionate with declines in crude oil costs
Add BT as a preferred source
[BENGALURU] US President Donald Trump said on Wednesday (Jun 24) that he has instructed the Department of Justice (DOJ) to look into oil companies for not lowering petrol pump prices in line with falling crude costs.
He accused the companies of “gouging” customers.
Trump did not name any companies in his social media post, which came after midnight. The White House and the DOJ did not respond to a request for further comment outside regular business hours.
Diplomacy between the US and Iran has translated into relief at the pump for Americans, data showed in the week of Jun 22, with petrol prices falling for a sixth straight week.
However, Trump said the fall in petrol prices was neither enough nor proportionate with declines in crude oil costs.
“(Petrol) prices better start going down a lot faster than what I’m seeing!”
Trump’s latest post comes as consumers raise concern over high petrol prices, just as the President and fellow Republicans are battling to hold narrow majorities in Congress in November’s midterm elections.
The average price of petrol in the US was US$3.906 a gallon on Wednesday, GasBuddy data showed, down more than 14 per cent from the peak in May.
In comparison, over the same period, crude oil prices have fallen 23 per cent, with the US and Iran reaching an interim peace deal and reopening the Strait of Hormuz, through which one-fifth of global oil supply moved before the war began.
From their peak in March, US crude prices have sunk about 40 per cent.
“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 said in a post on Truth Social.
“I have instructed the DOJ to immediately start looking into this.”
Pump prices remain significantly higher than the US$2.764 a gallon recorded in January, more than a month before the Iran conflict began. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan
Simba ordered to pay S$700,000 in damages to indoor skydiving operator Altitude Xperience for trespass
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
As luxury retail goes big, can Singapore’s Orchard Road keep up?
