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First reported by Seoul Economic Daily
Prosecutors Indict Four Refiners Over Alleged 26 Trillion Won Price-Fixing

South Korea indicts four oil refiners for alleged price collusion after Middle East conflict

By

Jenny Lee

5h ago· 2 min readenNews
politicsbusinesslegalenergy

Summary

South Korean prosecutors indicted four major oil refiners — HD Hyundai Oilbank, SK Energy, GS Caltex, and S-Oil — for allegedly colluding to drive up domestic fuel prices following the Middle East conflict, violating fair trade laws. HD Hyundai Oilbank and SK Energy allegedly colluded on 14.2 trillion won ($9.2 billion) worth of oil sales, while GS Caltex and S-Oil reportedly mimicked those prices, resulting in significant anticompetitive impact.

Source

bskySouth Korea indicts four oil refiners for alleged price collusion after Middle East conflictcnbc.com

Key quotes

· 3 pulled
South Korean prosecutors on Monday indicted four major domestic oil refiners for violating fair trade laws, alleging they colluded to drive up domestic fuel prices following the Middle East conflict.
HD Hyundai Oilbank and SK Energy colluded on 14.2 trillion won ($9.2 billion) worth of oil sales, Yonhap reported, citing prosecutors.
Factoring in GS Caltex and S-Oil, which allegedly mimicked those prices, the total anticompetitive impact stands...
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South Korean prosecutors on Monday indicted four major domestic oil refiners for violating fair trade laws.

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