South Korea Investigates Major Refiners for Alleged Fuel Price Fixing
The operations targeted SK Energy Co., GS Caltex Corp., S-Oil Corp., and HD Hyundai Oilbank Co., as well as the Korea Petroleum Association, amid suspicions that the companies had coordinated to raise or maintain prices of oil and petroleum products in the local market.
The raids follow calls by President Lee Jae Myung for a crackdown on potential illegal practices by refiners and gas stations, including collusion, as fuel prices surged. South Korea is currently implementing a fuel price cap system to mitigate the economic impact of rising energy costs amid the ongoing conflict in the Middle East.
Tensions in the region have intensified since February 28, when US and Israeli forces launched a joint offensive on Iran, resulting in over 1,300 deaths, including then-Supreme Leader Ali Khamenei. Iran has retaliated with drone and missile attacks targeting Israel and Gulf countries hosting US military assets, causing casualties, infrastructure damage, and disruptions to global markets and aviation.
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