'Drop Your Price Immediately': Trump Urges Gasoline Retailers To Cut Rates, Warns Of 'Big Problems'

Last Updated:June 30, 2026, 06:24 IST

Oil prices surged after Iran attacked US military bases in Gulf states. The increase was also driven by concerns over disruptions to oil shipments through Strait of Hormuz

United States President Donald Trump on Monday urged gasoline retailers to immediately lower fuel prices, saying current rates were too high despite declining crude oil prices and warning of “big problems" if retailers failed to act.

In a post on Truth Social, Trump wrote, “Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE!"

He further warned, “There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline. Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government."

Last week, Trump said he had instructed the Department of Justice to examine whether oil companies were failing to lower gasoline prices in line with falling crude oil costs, accusing them of “gouging" consumers.

Also Read: ‘Iranian Delegation Going To Qatar’: Trump Insists Doha Meeting Is On As Tehran Denies Any Scheduled Talks

Oil prices surged earlier this year after the United States and Israel launched strikes on Iran, followed by Iranian retaliatory attacks targeting Israel and Gulf states hosting US military bases.

The conflict also heightened concerns over potential disruptions to oil shipments through the Strait of Hormuz, a key global energy transit route, adding to upward pressure on crude prices.

Consumers have continued to express concerns over fuel prices as Trump and his fellow Republicans seek to retain their narrow majorities in Congress in the November midterm elections.

More recently, diplomatic efforts between Washington and Tehran to resolve the conflict have contributed to some easing in gasoline prices in the United States.

The US and Israel launched military strikes on Iran earlier this year, while Israel also carried out attacks in Lebanon.

The fighting killed thousands and displaced millions before a ceasefire took effect in April. Although the truce has since been extended, Washington and Tehran have accused each other of violating its terms.

With inputs from Reuters

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Prisha Vibhavari

Prisha is the Chief Sub-Editor at News18.com, with more than 10 years of experience in national and international news. She specialises in editorial leadership, sharp news judgment, and high-impact st...Read More

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