South Korea fines gas station association, agricultural cooperatives for fuel price collusion
( July 6, 2026, 05:56 GMT | Official Statement) -- MLex Summary: A regional gas station association and two agricultural cooperatives operating in South Korea have been fined for colluding to fix retail fuel prices in the country’s resort island of Jeju between 2022 and 2024. The Korea Fair Trade Commission said Monday that it imposed corrective orders and a 30 million won ($19,600) fine on the Jeju Gas Station Association for setting benchmark prices for gasoline, diesel and kerosene based on prices provided in advance by Jeju Agricultural Cooperative and Seogwipo Agricultural Cooperative, and instructing member stations to follow them. The KFTC also imposed a combined fine of 2.02 billion won ($1.3 million) on the two agricultural cooperatives for actively participating in the price-fixing scheme by agreeing on benchmark prices with the association, providing advance pricing information before public disclosure and identifying gas stations that sold below the benchmark prices to encourage compliance.The statement is attached (in Korean). ...
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