South Korean prosecutors have indicted four major oil refiners—HD Hyundai Oilbank, SK Energy, GS Caltex, and S-Oil—on charges of colluding to fix fuel prices. According to Yonhap News Agency, citing the prosecution, the collusion is estimated to have caused anti-competitive harm valued at 26 trillion won (approximately US$17 billion).
The allegations state that pricing managers at HD Hyundai Oilbank and SK Energy coordinated on the scale and timing of petroleum price increases shortly after the outbreak of the conflict in Iran earlier this year. GS Caltex and S-Oil reportedly followed the pricing set by these companies.
The Seoul Central District Prosecutors' Office has not confirmed the report publicly. SK Innovation, the parent company of SK Energy, declined to comment, while HD Hyundai Oilbank and GS Caltex did not immediately respond to requests for comment.
Earlier this year, South Korea's antitrust authority, the Korea Fair Trade Commission, increased penalties for collusion to at least 10% of sales related to the violation, up from a previous minimum of 0.5%.
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