South Korea’s Fair Trade Commission has begun deliberations on SK Energy and HD Hyundai Oilbank after examiners alleged the companies exchanged commercial information and coordinated prices for gasoline, diesel and kerosene. The commission has not made a final decision.
The examiners’ report recommends fines and corrective orders. It alleges the companies shared information about sales policies from shortly before Russia’s invasion of Ukraine in February 2022 through March 2026. The alleged price fixing is said to have taken place after the Middle East crisis began.
The report estimates the affected sales at 44.1 trillion won ($33.2 billion), or about 30 billion won a day. Oh Hang-lok, head of the FTC’s cartel investigation bureau, said the two companies account for more than half of the market and can influence competition.
The examiners’ report is not a final ruling. The companies have eight weeks to submit written responses before the commission makes its decision. In 2025, SK Energy held 28.1% of South Korea’s market for producing and selling gasoline, diesel and kerosene, while HD Hyundai Oilbank held 21%. The FTC says the country’s four refiners, including GS Caltex and S-Oil, accounted for 98% of the market.
SK Energy said it is reviewing the report and will present its position during the FTC’s deliberations, based on the facts. Yonhap’s report did not include a response from HD Hyundai Oilbank. The examiners’ claims remain allegations pending the commission’s final decision.