United States President Donald Trump has directed gasoline retailers across the country to reduce pump prices without delay.
He argued that declining global crude oil prices should translate into immediate relief for American motorists.
Trump issued the directive in a post on his Truth Social platform, accusing fuel retailers of keeping prices unnecessarily high despite crude oil trading at about $68 per barrel.
“Gasoline retailers must get their prices down immediately”, the president declared, urging companies to “do what they know is right” by passing lower costs on to consumers.”
He warned that his administration would not tolerate price gouging, describing the practice as illegal and cautioning retailers that those who ignore the call to lower prices could face “big problems.”
The president also suggested that gasoline should sell for about $2.50 per gallon, insisting that Americans ought to enjoy the benefits of the recent decline in global oil prices rather than continue paying elevated prices at filling stations.
Trump’s latest intervention comes amid renewed debate in the United States over the gap between movements in crude oil prices and the cost of refined petroleum products.
Consumer groups frequently accuse retailers of failing to quickly reflect lower international prices at the pump.
Trump also turned his criticism toward California, faulting the state’s fuel tax regime for adding to motorists’ financial burden.
He argued that California’s gasoline taxes had become excessively high, claiming they were on course to surpass the value of the fuel itself if left unchecked.
According to the president, neither the federal government nor California residents should accept policies that keep fuel prices artificially high when crude oil prices are falling.
He maintained that consumers should not shoulder avoidable costs.
Daily Trust reports that Trump’s directive mirrors a similar position recently taken by the Nigerian government.
On Monday, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, directed petroleum marketers to immediately reflect the decline in global crude oil prices in the pump prices of Premium Motor Spirit (PMS).
He argued that Nigerians should benefit from the easing of international oil prices.
While reiterating that the downstream petroleum sector remains fully deregulated, Lokpobiri stressed that deregulation should not become an excuse for profiteering.
He warned that regulators must ensure operators do not exploit consumers through excessive pricing, insisting that lower crude prices should be passed on to motorists.
The minister maintained that although the government no longer fixes petrol prices under the deregulated regime, it retains the responsibility of protecting consumers from unfair market practices.
The position also echoes recent concerns raised by the Federal Competition and Consumer Protection Commission (FCCPC), which questioned why petrol prices in Nigeria have not fallen significantly despite the sharp decline in global crude oil prices.
Following a market surveillance exercise, the Commission said refiners, depot operators, marketers and retail outlets had only implemented marginal reductions that were not commensurate with the easing of international oil prices.
FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, said that although the Commission does not regulate petrol prices in Nigeria’s deregulated downstream sector, it has a statutory responsibility to protect consumers from exploitative practices.
He argued that if marketers are quick to raise pump prices whenever crude oil prices increase, consumers should equally benefit when international prices decline.
Bello warned that the Commission would investigate and sanction any operator found engaging in anti-competitive conduct, price manipulation or consumer exploitation.
WARNING: If You Are Not 18+, Don’t Click The Link Below 👇🫣Â
Did you want to monetize your website, join MONETAG or ADSKEEPER and start earningÂ
Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.
Drop your comment in the section below, and don’t forget to share the post.
Never Miss A Single News Or Gist, Kindly Join Us On WhatsApp Channel:
https://whatsapp.com/channel/0029Vad8g81Eawdsio6INn3B
Telegram Channel:
https://t.me/gistsmateNG
