On June 19, Minister Jeong expressed his stance on fuel price collusion in a post on his Facebook page, stating, "We will respond sternly to fuel price collusion that undermines the livelihoods of the people."
He noted that the prosecution arrested employees of refinery companies on charges of colluding to raise gasoline prices by 200 won within a week, taking advantage of the Middle Eastern conflict. "The damage to citizens from this collusion amounts to approximately 14 trillion won," he added. Jeong also referenced President Yoon Suk Yeol's directive for a strong and decisive response, highlighting that the president had pointed out the price fluctuations, stating, "Prices vary from morning to noon to evening, with some places increasing by nearly 200 won per liter."
Jeong further explained that the court recognized the refineries' actions of sharing pricing information with competitors and colluding to profit during the war, leading to the issuance of arrest warrants. He emphasized that exploiting the suffering of citizens for profit is a serious anti-social crime and instructed the Supreme Prosecutors' Office to respond firmly, securing additional investigation funds through a supplementary budget.
He added, "Oil is a key raw material that significantly impacts the daily lives and industries of citizens. Manipulating its price distorts the economy and constitutes a serious crime." Jeong concluded by stating that the Ministry of Justice and the prosecution will uncover the reality of fuel price collusion and hold those responsible accountable, pledging to respond rigorously to major economic crimes that threaten the lives of citizens and disrupt market order.
Earlier that day, a chief judge at the Seoul Central District Court issued an arrest warrant for an employee in the pricing department of HD Hyundai Oilbank, citing concerns about evidence destruction. However, the warrant for another employee from the same company was denied due to insufficient evidence of potential destruction or flight.
Following the outbreak of the U.S.-Iran conflict in March, which caused a surge in international oil prices, allegations emerged that four refineries—SK Energy, GS Caltex, S-Oil, and HD Hyundai Oilbank—colluded to fix prices. The Seoul Central District Prosecutors' Office, led by Chief Prosecutor Na Hee-seok, has launched an investigation into these companies, including conducting searches at the Korea Petroleum Association.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.