Four South Korean oil refiners have been indicted by prosecutors for alleged price-fixing totaling 26 trillion won ($17 billion). The alleged scheme followed the U.S.-Iran war. HD Hyundai Oilbank and SK Energy are accused of direct collusion, while GS Caltex and S-Oil are charged with matching rigged price increases.
South Korean prosecutors have indicted four major oil refiners on charges of price-fixing, with the alleged scheme totaling 26 trillion won ($17 billion). The indictments follow the U.S.-Iran war. Specifically, HD Hyundai Oilbank and SK Energy are accused of direct collusion in manipulating prices. GS Caltex and S-Oil are alleged to have matched the rigged price hikes implemented by other companies. This action by prosecutors targets significant players in the South Korean energy market, alleging coordinated efforts to inflate prices during a period of geopolitical tension.