Prosecutors Raid Four Major Refiners Over Oil Price Fixing Allegations

Prosecutors Raid Four Major Refiners Over Oil Price Fixing Allegations

Prosecutors in Seoul have raided four major domestic refiners accused of colluding to manipulate oil prices amid rising fuel costs caused by the ongoing conflict in the Middle East. The Seoul Central District Prosecutors Office sent investigators to SK Energy Co., GS Caltex Corp., S-Oil Corp., HD Hyundai Oilbank Co., and the Korea Petroleum Association. These refiners are suspected of manipulating oil and petroleum-related product prices in the domestic market.

Prosecutors are investigating steep price fluctuations before and after the Middle East conflict began. South Korean President Lee Jae Myung has called for stronger measures against potential illegal activities by refiners and gas stations, including price collusion, to prevent a potential fuel price spike. Currently, Korea is enforcing a fuel price cap system to alleviate concerns over rising energy prices due to the U.S.-Israeli war against Iran.