Washington: US President Donald Trump on Monday expressed his intention to suspend the federal gasoline tax temporarily, aiming to alleviate the pressure of soaring fuel prices caused by the ongoing conflict in Iran. Trump announced this decision during a phone interview with CBS News, emphasizing that the tax would be phased back in once fuel prices decline.

According to Anadolu Agency, the federal excise taxes, currently set at 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel, can only be suspended through an act of Congress. Despite Trump's proposal, Congress has yet to show significant interest in suspending the levy to mitigate fuel costs.

Since the onset of the Iran war on February 28, gasoline prices have surged by more than 50%, reaching over $4.52 per gallon as of Sunday, based on data from the American Automobile Association. Analysts predict that prices will remain high as Iran continues to block the Strait of Hormuz, a crucial passage for global oil and liquefied natural gas shipments.

During the interview, Trump also mentioned Iran's recent response to a US peace proposal, noting that while there were concessions on Iran's nuclear program, they were insufficient. He described the proposal as "very stupid."

In response to Israeli Prime Minister Benjamin Netanyahu's remark about lacking foresight regarding the Strait of Hormuz, Trump asserted that he was aware of its closure, describing it as Iran's only leverage. He indicated that the US could potentially reopen the strait through "Project Freedom," a military operation that could resume with greater intensity if necessary.

The effective closure of the Strait of Hormuz since late February has exacerbated concerns over global energy supplies, leading to increased costs for gasoline, diesel, and jet fuel.