Watchdog begins deliberations on oil refiners over alleged price rigging
SEJONG, Oct. 7 (Yonhap) -- South Korea's antitrust watchdog on Wednesday began d...
South Korea's antitrust watchdog, the Fair Trade Commission (FTC), has commenced deliberations into potential price rigging involving two major local oil refiners, SK Energy Co. and HD Hyundai Oilbank Co. According to an examiners' report, the companies allegedly exchanged information on their sales policies from February 2022, prior to the Russia-Ukraine conflict, until March 2026, following the onset of the U.S.-Iran war.
The report alleges that the two companies colluded to rig prices for gasoline, diesel, and kerosene, engaging in this practice for around 44.1 trillion won ($33.2 billion) in relevant sales, with an estimated daily average of 30 billion won. The practice, deemed to have "unfairly restricted competition," allegedly violated the Monopoly Regulation and Fair Trade Act.
The examiners believe the companies began sharing information amid energy market developments, leading to the alleged price rigging. The hearing marks the beginning of legal proceedings against the companies for the alleged wrongdoing.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
