South Korean prosecutors indict HD Hyundai Oilbank and three other major refiners in a petroleum price-fixing investigation linked to disruptions after the U.S.-Iran war. The Seoul Central District Prosecutors Office says the case is believed to involve about 26 trillion won (around $17 billion) in market impact. Prosecutors allege that the refiners engaged in collusive conduct to raise prices of petroleum products after the war breaks out and global energy prices rise sharply in late February. According to prosecutors, HD Hyundai Oilbank and SK Energy are accused of direct collusion, with the alleged agreement valued at 14.2 trillion won, involving coordination on the timing and scale of price increases. The prosecutors also say GS Caltex and S-Oil did not join the direct agreement but instead carried out price hikes that matched the alleged rigged increases, affecting competition across the industry.
The charges target both the companies and multiple pricing-related officials, including two officials at HD Hyundai Oilbank. Prosecutors also indicate that SK Energy is not indicted under any leniency program, and that the remaining refiners are not subjected to additional charges beyond those described in relation to the alleged fair trade violations.
