South Korean Prosecutors Charge Four Oil Refiners With Price Collusion Worth Trillions

South Korean prosecutors have indicted four major oil refiners for allegedly colluding to inflate domestic fuel prices during a period of Middle East turmoil. HD Hyundai Oilbank, SK Energy, GS Caltex, and S-Oil face charges of anticompetitive behavior that prosecutors estimate cost consumers up to 26 trillion won, according to Seoul Economic Daily.

Seoul Economic DailyProsecutors Indict Four Refiners Over Alleged 26 Trillion Won Price-Fixing

"alleged price-fixing worth up to 26 trillion won during the U.S.-Iran war."

The indictment, reported by cnbc.com, accuses the companies of coordinating fuel prices after the Middle East conflict, violating fair trade laws. The case marks one of the largest price-fixing actions in South Korea's history, targeting the country's dominant oil refining players.

cnbc.comSouth Korea indicts four oil refiners for alleged price collusion after Middle East conflict

"allegedly colluding to drive up domestic fuel prices following the Middle East conflict"

Cnbc.com detailed that HD Hyundai Oilbank and SK Energy allegedly colluded on 14.2 trillion won (about $9.2 billion) worth of oil sales, while GS Caltex and S-Oil are accused of mimicking those prices, amplifying the anticompetitive impact. The combined scale of the alleged scheme underscores its significant effect on the Korean market.

Seoul Economic Daily linked the timing to the U.S.-Iran war, providing the broader geopolitical context that prosecutors say the refiners exploited. The case now moves through the courts, and if convicted, the companies could face substantial fines and reputational damage.