The council on Wage and Price Stability accused Crown Central Petroleum Corp. of Baltimore yesterday of violating the administration's voluntary price guidelines.

The White House agency said Crown Central made more profit than allowed by the guidelines during all four quarters of 1979, but it didn't say how much more.

Under the guidelines, petroleum refiners are permitted to increase their profit margins by no more than 6.5 percent over the pervious year's level.

Only one other oil company, Mobil, has been citied for violating the guidelines, and it was accused of exceeding the limit during only one quarter of the year. Several other oil companies are being investigated for potential violations; congressional hearings were held yesterday on how the COWPS is assuring compliance.

Late yesterday Crown Central issued a statement that didn't deny the violation but criticized the COWPS standard is unrealistic.

Crown Central lost money during part of 1978 and reported large comparative gains in profits last year.

Crown's second-quarter earnings multiplied form $824,000 in 1978 to $13 million last year, and its third-quarter earnings were up 230 percent over the previous year's to $23 million.

The company said its profits "have seldom been as high as those prevailing in the rest of the industry and usually have been very much lower."

The company complained that the anti-inflation guidelines don't take into account the millions of dollars the company invested last year in facilities to serve its customers.

"Compliance by Crown with COWPS standards would quickly result in its bankruptcy," the company said. "Crown has no intention whatsoever of engaging in any such suicidal course.

The COWPS could ask other government agencies to stop doing business with Crown to punish it for violating the voluntary guidelines. It couldn't be learned yesterday whether the independent refining firm handles a singificant amount of government contracts.