South Korean antitrust agency opens case against SK Energy and HD Hyundai Oilbank for price collusion

The Fair Trade Commission (FTC) announced that it is deliberating on a case involving SK Energy Co. and HD Hyundai Oilbank Co., based on an examiners’ report that the companies swapped pricing and sales-policy data from February 2022 through March 2026. The report claims the two firms, which together hold more than half of South Korea’s refined-product market, colluded on gasoline, diesel and kerosene prices, affecting transactions valued at an estimated 44.1 trillion won.

Investigators say the practice restricted competition and violated the Monopoly Regulation and Fair Trade Act. FTC cartel bureau director general Oh Hang-lok noted the timing coincided with heightened energy-price volatility caused by regional wars. The agency plans to issue fines and corrective orders, but the firms can submit written responses within eight weeks before a final decision is made. SK Energy said it will closely review the findings and fully explain its position during the FTC’s proceedings.