Like Nigeria, Donald Trump Orders Gasoline Retailers To Reduce Petrol Prices Immediately
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United States President Donald Trump has directed gasoline retailers across the country to reduce pump prices immediately, saying the recent decline in global crude oil prices should bring relief to motorists.
Naijaonpoint Nigeria reports that Trump gave 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,” Trump declared, urging companies to “do what they know is right” by passing lower costs on to consumers.
The US president warned that his administration would not tolerate price gouging, describing it as illegal.
He cautioned retailers that those who fail to reduce prices could face “big problems.”
Trump also suggested that gasoline should sell for about $2.50 per gallon, insisting that Americans should enjoy the benefits of falling global oil prices instead of paying elevated prices at filling stations.
The president also criticised California’s fuel tax regime, saying it had added to the financial burden of motorists in the state.
He argued that California’s gasoline taxes had become excessively high and claimed they could surpass the value of the fuel itself if left unchecked.
According to him, neither the federal government nor California residents should accept policies that keep fuel prices artificially high when crude oil prices are falling.
Trump’s directive 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 have often accused retailers of failing to quickly reflect lower international prices at the pump.
The development mirrors a similar concern recently raised by the Nigerian government.
On Monday, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, directed petroleum marketers to reflect the decline in global crude oil prices in the pump prices of Premium Motor Spirit, also known as petrol.
He said Nigerians should also benefit from the easing of international oil prices.
Lokpobiri said that although Nigeria’s downstream petroleum sector remains fully deregulated, deregulation should not become an excuse for profiteering.
He warned that regulators must ensure operators do not exploit consumers through excessive pricing.
The minister maintained that while the government no longer fixes petrol prices under the deregulated regime, it still has a responsibility to protect consumers from unfair market practices.
The Federal Competition and Consumer Protection Commission had also raised concerns over why petrol prices in Nigeria had not fallen significantly despite the drop 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.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, 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 said if marketers are quick to raise pump prices whenever crude oil prices increase, consumers should also 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.