What allegations is South Korea’s Fair Trade Commission examining against SK Energy and HD Hyundai Oilbank?

The companies are accused of exchanging information about sales policies and coordinating prices for gasoline, diesel and kerosene. FTC examiners said setting prices while sharing information unfairly restricted competition and violated the Monopoly Regulation and Fair Trade Act.

When did SK Energy and HD Hyundai Oilbank allegedly exchange information on fuel pricing?

The alleged exchanges began just before the Russia-Ukraine war broke out in February 2022 and continued until March 2026, shortly after the outbreak of the U.S.-Iran war. Examiners alleged that price rigging began during the Middle East crisis.

What happens next in the FTC case against SK Energy and HD Hyundai Oilbank?

The two companies have eight weeks to submit written responses and defend themselves. The FTC will then issue a final decision, and the examiners’ recommendation for fines and corrective orders is not binding on that decision.

Watchdog begins deliberations on oil refiners over alleged price rigging

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Summary

South Korea’s antitrust watchdog began deliberations in Seoul on Wednesday on SK Energy Co. and HD Hyundai Oilbank Co. over alleged information exchanges and price rigging involving gasoline, diesel and kerosene. An examiners’ report recommended fines and corrective orders, alleging the conduct restricted competition during energy-price volatility linked to wars. The companies have eight weeks to submit written responses before the Fair Trade Commission makes a final, nonbinding decision.

Key Facts

The alleged information exchanges ran from just before the Russia-Ukraine war began in February 2022 until March 2026, shortly after the U.S.-Iran war began.
The relevant sales were estimated at 44.1 trillion won, or about 30 billion won per day.
In 2025, SK Energy held 28.1 percent and HD Hyundai Oilbank held 21 percent of South Korea’s gasoline, diesel and kerosene market.
The FTC said South Korea’s four oil refiners, including GS Caltex Corp. and S-Oil Corp., accounted for 98 percent of the market.
SK Energy said it was reviewing the examiners’ report and would explain its position during the FTC’s deliberations.

By Yonhap

Published Oct 7, 2026 12:12 pm KST

A gas station in Seoul is seen in this file photo, Sept. 20. Yonhap

South Korea's antitrust watchdog on Wednesday began deliberations on two local oil refiners after an examiners' report alleged the companies had unlawfully exchanged information and rigged prices.

The Fair Trade Commission (FTC) said its examiners' report recommended imposing fines and issuing corrective orders against SK Energy Co. and HD Hyundai Oilbank Co. for exchanging information or colluding on the prices of gasoline, diesel and kerosene.

The two companies exchanged information on their sales policies from just before the outbreak of the Russia-Ukraine war in February 2022 until March 2026, shortly after the outbreak of the U.S.-Iran war, the report said.

The examiners alleged the two companies had rigged prices since the Middle East crisis. Relevant sales totaled an estimated 44.1 trillion won ($33.2 billion), or around 30 billion won per day.

The report said the companies' practice of setting prices while exchanging information unfairly restricted competition, violating the Monopoly Regulation and Fair Trade Act.

"We believe the two companies began sharing information amid energy price volatility caused by the wars," said Oh Hang-lok, director general of the FTC's cartel investigation bureau, noting the two companies account for more than half of the market and can influence competition.

The watchdog said it plans to make a final decision after giving the companies an opportunity to defend themselves. They will have eight weeks to submit their written responses.

The examiners' report is not binding on the FTC's final decision.

In 2025, SK Energy and HD Hyundai Oilbank accounted for 28.1 percent and 21 percent, respectively, of the South Korean market for the production and sale of gasoline, diesel and kerosene.

South Korea's four oil refiners, including GS Caltex Corp. and S-Oil Corp. accounted for 98 percent of the market, according to the FTC.

SK Energy, meanwhile, said it is closely reviewing the examiners' report and plans to fully explain its position during the FTC's deliberations based on facts.

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