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2 clusters · 7 sources · 1 days · First seen · Last updated
South Korean petroleum price collusion investigation
Overview
The South Korean Fair Trade Commission (FTC) initiated formal proceedings against SK Energy and HD Hyundai Oilbank for suspected petroleum price collusion. Investigators alleged the companies exchanged sensitive information regarding gasoline, diesel, and kerosene prices between February 2022 and March 2024, a period marked by market volatility due to the Russia-Ukraine war. The suspected collusion involved approximately 44.1 trillion won in related sales volume.
Following the probe, SK Energy issued a formal apology and announced a reform package to improve market transparency and internal controls. To prevent future violations, the company is transitioning to a system where weekly supply prices are determined and announced in advance, replacing the previous post-settlement method. Additionally, SK Energy committed to mandatory fair trade training and stricter monitoring of competitor contacts.
Entities
SK Energy · HD Hyundai Oilbank · Fair Trade Commission · GS Caltex · S-OIL
Timeline
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[BUSINESS] 2 sourcesSK Energy announces pricing reforms and apology following collusion probe
SK Energy has issued a formal apology and announced major reforms to its pricing and internal control systems following investigations into petroleum price collusion.
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[BUSINESS] 5 sourcesSK Energy and HD Hyundai Oilbank face FTC probe over 44 trillion won oil price collusion
South Korea's FTC has launched proceedings against SK Energy and HD Hyundai Oilbank for suspected price collusion involving 44.1 trillion won in petroleum sales over four years.
Sources
biz.heraldcorp.com · dailymagazine.co.kr · kidd.co.kr · mbn.co.kr · newstomato.com · socialvalue.kr · womennews.co.kr