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SK Energy and HD Hyundai Oilbank face FTC probe over 44 trillion won oil price collusion
The South Korean Fair Trade Commission (FTC) has initiated formal proceedings against SK Energy and HD Hyundai Oilbank for suspected price collusion in the petroleum market. The FTC has submitted a review report to its commission, signaling the start of official deliberations.
Investigators allege that the two companies exchanged sensitive information regarding gasoline, diesel, and kerosene prices—including deposit prices, final settlement prices, and sales policies—for approximately four years, from February 2022 to March 2024. This period coincided with high market volatility caused by the Russia-Ukraine war. Furthermore, the FTC suspects the companies explicitly agreed on specific prices on two occasions in March 2024.
The suspected collusion involves a total related sales volume of approximately 44.1 trillion won. Together, SK Energy and HD Hyundai Oilbank hold a combined market share of roughly 49.1 percent in the domestic market. While the FTC investigated other major players, it found no evidence of wrongdoing by GS Caltex or S-OIL. The FTC investigators have recommended corrective measures and the imposition of fines, characterizing the actions as serious violations of fair trade laws.
Entities
Fair Trade Commission · GS Caltex · HD Hyundai Oilbank · S-OIL · SK Energy
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 4 SOURCES] SK Energy and HD Hyundai Oilbank hold a combined market share of approximately 49.1 percent. www.womennews.co.kr · kidd.co.kr · biz.heraldcorp.com · www.mbn.co.kr
- [● 4 SOURCES] The suspected collusion period lasted approximately four years, from February 2022 to March 2024. www.womennews.co.kr · kidd.co.kr · biz.heraldcorp.com · www.mbn.co.kr
- [● 4 SOURCES] Investigators recommended corrective measures and fines. www.womennews.co.kr · kidd.co.kr · biz.heraldcorp.com · www.mbn.co.kr
- [● 4 SOURCES] No evidence of collusion was found regarding GS Caltex and S-OIL. www.womennews.co.kr · kidd.co.kr · biz.heraldcorp.com · www.mbn.co.kr
- [● 4 SOURCES] The companies exchanged information regarding deposit prices, final prices, and sales policies. www.womennews.co.kr · kidd.co.kr · biz.heraldcorp.com · www.mbn.co.kr
- [● 3 SOURCES] The companies explicitly agreed on sales prices on two occasions in March. www.womennews.co.kr · kidd.co.kr · biz.heraldcorp.com
- [● 4 SOURCES] The total related sales volume involved in the suspected collusion is approximately 44.1 trillion won. www.womennews.co.kr · kidd.co.kr · biz.heraldcorp.com · www.mbn.co.kr
- [● 4 SOURCES] The FTC submitted a review report to the commission regarding suspected price collusion by SK Energy and HD Hyundai Oilbank. www.womennews.co.kr · kidd.co.kr · biz.heraldcorp.com · www.mbn.co.kr