Watchdog begins deliberations on oil refiners over alleged price rigging
South Korea's antitrust watchdog on Wednesday began deliberations on two local oil refiners after an examiners' report alleged the companies had unlawfully exchanged information and rigged prices. The Fair Trade Commission (FTC) said its examiners' report recommended imposing fines and issuing corrective orders against SK Energy Co. and HD Hyundai Oilbank Co. for exchanging information or…
The Korea Times reports that South Korea's antitrust watchdog, the Fair Trade Commission (FTC), has begun deliberations into alleged price rigging by two local oil refiners, SK Energy Co. and HD Hyundai Oilbank Co. According to the FTC's examiners' report, the companies exchanged information on their sales policies from February 2022 until March 2026, coinciding with the Russia-Ukraine war and the subsequent U.S.-Iran conflict.
The report alleges that the companies rigged prices for gasoline, diesel, and kerosene, resulting in an estimated 44.1 trillion won ($33.2 billion) in relevant sales, or around 30 billion won per day. The practice of setting prices while exchanging information is said to have unfairly restricted competition, violating the Monopoly Regulation and Fair Trade Act.
The FTC's deliberations will likely result in fines and corrective orders against the two companies.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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