US President Donald Trump has ordered an investigation into major energy companies, accusing them of keeping petrol prices high despite falling wholesale oil costs and raising concerns over consumer affordability.
In a social media post, Trump said oil companies had not cut prices at petrol stations in line with declines in global oil markets. He said consumers faced unfair charges and directed the Department of Justice (DOJ) to examine the issue.
Petrol Prices: Trump Orders Probe Into Oil Firms Over Fuel Cost Claims
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” Trump wrote, adding that fuel prices should have fallen faster.
A DOJ spokesperson said fuel prices affect national security and household finances and said the government remains committed to affordability, but the spokesperson did not confirm whether officials had launched a formal investigation.
The White House defended the administration’s position, saying it had expected temporary market disruption during the regional conflict and that energy prices would stabilise as tensions eased.
The comments came after wholesale oil prices fell from earlier highs tied to conflict-related disruption in the Middle East.
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Industry representatives rejected the claim that retail fuel prices should track crude oil movements immediately. The American Petroleum Institute (API) said petrol prices do not move in direct proportion to wholesale crude prices because supply conditions, refining activity and inventories also shape costs.
Oil markets saw sharp volatility after disruption to shipping routes through the Strait of Hormuz raised concerns over global energy supplies. Brent crude later slipped below recent peaks as diplomatic efforts advanced, but it remained above pre-conflict levels.
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US fuel prices have also eased in recent weeks, but they remain above levels recorded before the conflict.
Trump’s criticism follows similar concerns in the UK over retail fuel pricing during periods of higher oil costs, although British regulators previously found no widespread evidence of excessive pricing.
