Trump orders US Justice Department probe into fuel pricing

US President Donald Trump has voiced frustration over the lack of a significant decline in fuel prices despite falling oil prices and said he has instructed the Department of Justice to investigate the matter.

“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being ‘gouged.’ I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!” Trump wrote on Truth Social.

The recent Trump directive follows a period of elevated US fuel prices triggered by disruptions from the US-Iran conflict earlier in 2026, which closed the Strait of Hormuz and drove crude oil prices sharply higher.

Oil benchmarks surged significantly during the conflict due to supply concerns, pushing national average gasoline prices well above pre-war levels, before easing with de-escalation and reopened shipping routes, though retail prices have lagged behind the decline in crude costs.

Energy analysts have noted that the full normalisation of pump prices could take additional time due to factors such as inventory replenishment, refining margins, and seasonal demand.

By Jeyhun Aghazada