WASHINGTON: US President Donald Trump has ordered an investigation into major energy companies, claiming consumers are not seeing expected reductions in Petrol Prices despite a sharp fall in wholesale oil costs.
In a social media post, Mr Trump said he had instructed the Department of Justice (DOJ) to begin an immediate review into pricing practices, arguing that fuel retailers had not lowered prices in line with declining oil markets. He did not identify any specific companies.
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for oil,” Mr Trump said, adding that consumers were being “gouged”.
His remarks followed a decline in global oil prices after recent highs reached during the conflict involving the United States, Israel and Iran. Crude markets eased as diplomatic efforts progressed and concerns over supply disruption began to ease.
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Brent crude, the international oil benchmark, climbed close to $120 per barrel during the height of market tensions but fell below $76 on Wednesday. Despite the decline, prices remain above levels recorded before the conflict began.
US benchmark West Texas Intermediate (WTI) crude followed a similar trend and dropped below $72 per barrel, although it remains above pre-conflict levels.
Average US gasoline prices also moved lower and reached around $3.93 per gallon after exceeding $4 per gallon in April, the highest level since 2022. However, fuel costs remain elevated compared with prices before the conflict.
The White House and the Department of Justice have not publicly commented on the announcement.
Mr Trump’s comments also came as energy companies in the United Kingdom faced scrutiny over fuel pricing during recent market volatility linked to the Middle East conflict. However, the UK competition regulator said earlier there was no widespread evidence of excessive price increases and noted that average profit margins had remained broadly stable.
