U.S. President Donald Trump has accused major oil companies of failing to lower petrol prices in line with falling crude oil costs, alleging that American consumers are being overcharged at the pump.
In a post on Truth Social on Thursday, Trump said oil prices had dropped significantly but claimed that fuel prices had not followed the same downward trend.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for oil,” he wrote. “Those prices are dropping like a rock!”
He added that consumers were being “gouged,” arguing that motorists should already be benefiting from cheaper fuel costs.
Trump said he had instructed the U.S. Department of Justice to begin an immediate investigation into the pricing practices of oil companies.
“I have instructed the DOJ to immediately start looking into this,” he stated.
The U.S. president also warned oil firms to reduce petrol prices more quickly, insisting that Americans should not be delayed in feeling the impact of falling crude prices.
“Gasoline prices better start going down a lot faster than what I’m seeing!” he added.
