SK Energy, HD Hyundai Oilbank face fines over alleged fuel price fixing
SK Energy and HD Hyundai Oilbank may face sanctions from the Fair Trade Commission (FTC) over allegations that they colluded on gasoline, diesel and kerosene prices, with combined fines potentially reaching 4.63 trillion won ($3.45 billion). The antitrust regulator said Wednesday that it sent a review report to the two companies, formally launching deliberations over the alleged price-fixing…
SK Energy and HD Hyundai Oilbank may face significant fines from the Fair Trade Commission (FTC) for allegedly colluding on gasoline, diesel, and kerosene prices, with potential sanctions reaching 4.63 trillion won ($3.45 billion). The FTC announced on Wednesday that it has sent a review report to the two companies, formally initiating deliberations over the alleged price-fixing case.
The investigation spans from February 2022, shortly before Russia's invasion of Ukraine, to March 2023, shortly after the start of the war in Iran. The case pertains to essential petroleum products that play a crucial role in household and economic activity in South Korea. The oil refining industry in Korea is notably concentrated, with SK Energy, HD Hyundai Oilbank, GS Caltex, and S-Oil holding approximately 98 percent of the domestic market.
According to the FTC, the two companies exchanged information on prices, including provisional and final prices, as well as sales policies, indicating a pattern of collusion.
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