US President Donald Trump has accused major oil companies of overcharging by failing to reduce petrol prices in line with falling crude oil costs, saying consumers are being unfairly burdened at the pump.
In a statement posted on Truth Social on Thursday, Trump claimed oil prices had fallen sharply but said the reductions were not being reflected in what Americans were paying for fuel.
“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.
He added: “Those prices are dropping like a rock! In other words, customers are being ‘gouged.'”
Trump said he had directed the US Department of Justice to investigate the matter immediately, signalling potential scrutiny of pricing practices across the oil industry.
“I have instructed the DOJ to immediately start looking into this,” he said.
The US president also issued a warning to oil companies, insisting motorists should begin seeing lower prices much sooner.
“Gasoline prices better start going down a lot faster than what I’m seeing!” Trump said.
Faridah Abdulkadiri
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