In a post on Truth Social, Trump said pump prices remain too high despite crude oil trading at around $68 per barrel. He urged retailers to act quickly, accusing some of charging excessive prices and warning that price gouging would not be tolerated.
The president said the administration expects retailers to move towards a target price of $2.50 per gallon, while also criticising California for imposing what he described as excessively high fuel taxes. Trump argued that state taxes were driving up prices and placing an unnecessary burden on motorists.
The remarks come as oil prices continue to ease following progress in US-Iran diplomacy, with markets responding to expectations of improved stability and fewer disruptions to global energy supplies.