SK Energy announces pricing reforms and apology following collusion probe

SK Energy has announced a comprehensive reform plan and issued a formal apology following investigations into petroleum price collusion. While the company avoided prosecution through the leniency program, it faces ongoing administrative sanctions and deliberations from the Fair Trade Commission regarding allegations that it exchanged pricing information and colluded on gasoline, diesel, and kerosene prices between 2022 and 2024.

The reform package, introduced by CEO Kim Jong-hwa, focuses on four key areas: improving transparency in the petroleum market pricing system, strengthening fair trade and internal controls, expanding cooperation with distribution customers, and ensuring stable energy supplies.

To prevent future collusion, SK Energy is transitioning to a system where weekly supply prices are determined and announced in advance, effectively abolishing the previous post-settlement method. The company will also mandate at least two hours of fair trade training annually for relevant employees, implement strict monitoring of contacts with competitors, and conduct regular internal and external audits to ensure compliance.