Key facts
- Four major South Korean refiners indicted for alleged price-fixing totaling 26 trillion won ($17 billion).
- Collusion allegedly occurred after the U.S.-Iran war and subsequent energy price increases.
- HD Hyundai Oilbank and SK Energy accused of direct collusion; GS Caltex and S-Oil of matching rigged hikes.
- Refiners allegedly imposed aggressive price increases despite stockpiled crude oil.
- Companies also charged for forcing unfair contracts on independent gas stations.
- Two employees indicted for destroying evidence during a Fair Trade Commission inspection.
South Korean prosecutors have indicted four major refiners for alleged price-fixing totaling 26 trillion won (approximately $17 billion), a case that emerged following the U.S.-Iran war and subsequent global energy price surges. HD Hyundai Oilbank and SK Energy are accused of direct collusion valued at 14.2 trillion won, while GS Caltex and S-Oil are implicated for allegedly matching these rigged price increases.
Prosecutors stated that the refiners engaged in aggressive price increases despite having substantial crude oil stockpiles at the war's onset, characterizing the collusion as chronic. The prosecution also separately indicted the four companies for violating fair trade laws by imposing unfair purchasing contracts on independent gas stations, restricting their ability to buy from other suppliers and suspending consumer benefits.
Furthermore, an employee from HD Hyundai Oilbank and another from GS Caltex were indicted for allegedly destroying evidence during an on-site inspection by the Fair Trade Commission in March. South Korea is heavily import-dependent for crude oil, with about 70% of its imports coming from the Middle East.