South Korean executives from oil refiners indicted for alleged price fixing
( July 6, 2026, 05:23 GMT | Official Statement) -- MLex Summary: Executives at South Korea’s major oil refiners — HD Hyundai Oilbank and GS Caltex — have been indicted by South Korean prosecutors for allegedly colluding to raise fuel prices following the outbreak of the war in Iran. The Seoul Central District Prosecutors’ Office said Monday that it indicted three executives from HD Hyundai Oilbank and one executive from GS Caltex on charges of exchanging pricing information with competitors before the conflict and coordinating fuel price increases after the war began. Prosecutors also alleged that the executives deliberately destroyed evidence related to the alleged collusion before on-site inspections by the Korea Fair Trade Commission. In addition, the prosecutors said the two refiners, which together account for about 98 percent of South Korea’s fuel supply, required affiliated gas stations to enter into exclusive supply agreements under which they purchased all of their fuel from the refiners.The statement is attached (in Korean)....
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