Photo courtesy of Yonhap News

 

[Alpha Biz= Paul Lee] South Korean prosecutors have conducted a second consecutive day of raids on major refiners as part of an investigation into alleged fuel price collusion.

The Seoul Central District Prosecutors’ Office is carrying out broad search and seizure operations targeting four major refiners—SK Energy, GS Caltex, S-Oil, and HD Hyundai Oilbank—as well as the Korea Petroleum Association.

Investigators are focusing on securing digital evidence, including data stored on company computers, to determine whether the companies colluded to raise or maintain fuel and petroleum product prices amid the recent surge in global oil prices following the Iran conflict.

The probe also extends to so-called “exclusive supply contracts,” under which gas stations source fuel from a single refiner, to assess whether any unfair practices occurred during such arrangements.

While the investigation was initially prompted by recent developments in global oil markets, prosecutors plan to expand the scope to examine potential past collusive behavior through analysis of seized materials.

Legal experts note that proving collusion may be challenging. In a previous case in 2015, the Supreme Court overturned fines imposed by the Fair Trade Commission on the same four refiners.

The investigation is particularly notable as prosecutors launched it independently, without a formal referral from the antitrust regulator. Authorities are expected to focus on evidence collection and analysis in the coming weeks.

 

 

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