South Korean prosecutors indict four refiners over alleged fuel price collusion; shares rise

According to CNBC, South Korean prosecutors on Monday indicted HD Hyundai Oilbank, SK Energy, GS Caltex and S-Oil for allegedly violating fair trade laws by colluding to raise domestic fuel prices after the Middle East conflict. Yonhap News Agency reported that prosecutors alleged HD Hyundai Oilbank and SK Energy colluded on 14.2 trillion won ($9.2 billion) of oil sales, and that including GS Caltex and S-Oil, which allegedly mimicked the prices, the total anticompetitive impact was about 26 trillion won. Prosecutors said the probe began after domestic oil prices jumped following the U.S.–Iran conflict and alleged pricing executives at two firms coordinated the timing and scale of hikes. Shares were higher, with S-Oil up 6.08%, SK Innovation up 1.58%, HD Hyundai up 1.21% and GS Holdings up 6.99%.