The antitrust regulator opened formal deliberations into the case, which covers 44.1 trillion won ($32.9 billion) in sales.
Its examiners said the two refiners swapped gasoline, diesel and kerosene pricing information from February 2022, just before Russia invaded Ukraine. The period is reported to cover up to March this year, shortly after the U.S.-Iran war erupted.
The examiners also allege the companies explicitly fixed prices twice after that war began.
Prosecutors indicted both refiners on price-fixing charges in July. They alleged that employees deleted computer files and messenger chats after learning of the commission's on-site inspection in advance.
SK Energy and HD Hyundai Oilbank held 28.1 percent and 21 percent of the domestic market last year. The commission did not find that rivals GS Caltex and S-Oil, which hold most of the rest, took part.
"We suspect the abrupt swings in global oil prices during the wars triggered the information exchange," said Oh Hang-lok, director general of the commission's cartel investigation bureau.
"A handful of companies dominate the market, but these two alone hold about half of it, so we believe they are fully capable of affecting competition."
The examiners called the conduct a serious violation of the Monopoly Regulation and Fair Trade Act and recommended corrective orders and fines.
The companies have eight weeks to respond before the commission rules, and both said they would actively explain the facts and their positions.
AJP Takeaways
- South Korea's Fair Trade Commission opened deliberations on Oct. 7, 2026, into alleged fuel price collusion by SK Energy and HD Hyundai Oilbank.
- Examiners allege the refiners exchanged gasoline, diesel and kerosene pricing information from February 2022 to March 2026, affecting 44.1 trillion won in sales.
- The two refiners, which held a combined 49.1 percent of the market in 2025, have eight weeks to respond before the commission rules.
Copyright ⓒ Aju Press All rights reserved.
