Trump Orders Oil Companies to Lower Petrol Prices Now

On Monday, US President Donald Trump ordered oil companies to immediately reduce petrol prices following a significant drop in crude oil futures, which fell to $83.62. This demand came after Trump suspended a planned military strike on Iran.

In a post on his Truth Social platform, Trump instructed oil producers to lower consumer prices, stating, “Get your consumer (retail) oil prices DOWN, NOW!” He specifically criticized Chevron Chief Executive Officer Mike Wirth for not recognizing the Trump administration's efforts that allowed Chevron to resume operations in Venezuela. Trump noted that American refiners have become major buyers of Venezuelan crude since the reopening of the oil sector.

Despite crude prices falling, the national average petrol price in the US remained around $3.29 per gallon. Trump's demand follows previous interventions regarding petrol prices, including a call for investigations into price hikes and urging retailers to lower prices towards $2.50 per gallon.