SK Energy, HD Hyundai Oilbank face fines over alleged fuel price fixing

SK Energy and HD Hyundai Oilbank may face sanctions from the Fair Trade Commission (FTC) over allegations that they colluded on gasoline, diesel and kerosene prices, with combined fines potentially reaching 4.63 trillion won ($3.45 billion). The antitrust regulator said Wednesday that it sent a review report to the two companies, formally launching deliberations over the alleged price-fixing case. The FTC said the alleged collusion lasted from February 2022, shortly before Russia's invasion of Ukraine, through March this year, shortly after the outbreak of the war in Iran. The case covers petroleum products that are essential to household and economic activity. Korea's oil refining industry is highly concentrated, with SK Energy, HD Hyundai Oilbank, GS Caltex and S-Oil accounting for about 98 percent of the domestic market. According to the FTC, SK Energy and HD Hyundai Oilbank exchanged information on the prices of gasoline, diesel and kerosene, including provisional prices, final prices and sales policies. The regulator also determined that the two companies colluded on prices followin