Trump Pressures Oil Companies To Lower Petrol Prices As Crude Falls

United States President Donald Trump has called on oil companies to immediately reduce petrol prices after global crude oil prices fell sharply following his decision to suspend a planned military strike on Iran.

In a post on his Truth Social platform on Monday, Trump urged the industry to pass the decline in crude oil prices on to consumers by lowering retail fuel prices.

The call followed a sharp decline in global crude oil prices after President Trump announced fresh talks with Iran and suspended a planned military strike, sending oil prices down to about $83.62 per barrel.

Trump also criticised Chevron Chief Executive Officer Mike Wirth, accusing the company of failing to acknowledge his administration’s role in restoring the firm’s operations in Venezuela. Chevron recently resumed operations in the South American country after the United States eased restrictions on its oil sector.

Although crude oil prices have declined, retail petrol prices often take longer to adjust because filling stations continue selling fuel purchased at earlier wholesale prices.

The latest intervention follows previous calls by Trump for lower fuel prices, including demands for investigations into pump prices and appeals for retailers to reduce prices to around $2.50 per gallon.

The pressure comes after major energy companies, including Chevron, Exxon Mobil, Valero Energy and Marathon Petroleum, reported stronger second-quarter profits as higher crude prices during the Iran crisis boosted earnings.

In Nigeria, petrol currently sells for between ₦1,250 and ₦1,300 per litre, depending on the location. Fuel prices were around ₦830 per litre before the escalation of the US-Iran tensions earlier this year.