Four refiners indicted over alleged W14.2tr fuel collusion after US-Iran war

South Korean prosecutors indicted the country’s four major oil refiners Monday on fair trade charges, including allegations that two of them colluded to raise fuel prices after the outbreak of war between the United States and Iran in March.

The Seoul Central District Prosecutors’ Office estimated that the alleged collusion by HD Hyundai Oilbank and SK Energy caused 14.2 trillion won ($9.27 billion) in direct anticompetitive impact.

Including the ripple effect from GS Caltex and S-Oil following ...