South Korean prosecutors have indicted HD Hyundai Oilbank, SK Energy, GS Caltex, and S-Oil for violating fair trade laws by colluding to raise domestic fuel prices in response to the U.S.–Iran conflict.
The collusion involved pricing executives from HD Hyundai Oilbank and SK Energy, who manipulated prices on 14.2 trillion won ($9.2 billion) worth of oil sales, with the total anticompetitive impact estimated at around 26 trillion won when including GS Caltex and S-Oil.
This investigation was prompted by a sharp increase in domestic oil prices, and prosecutors described the collusion as a systemic issue rather than an isolated incident. Despite the legal troubles, shares of the implicated companies saw gains, with S-Oil rising 6.08% and GS Holdings increasing by 6.99%.
President Lee Jae Myung has pledged to hold corporations accountable for price-fixing, indicating a potential shift in regulatory scrutiny within the industry