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South Korean oil refiners face antitrust probe over Iran-related price hikes

By Wooyoung Lee ( March 10, 2026, 07:35 GMT | Insight) -- South Korea’s major oil refiners — GS Caltex, Hyundai Oilbank, S-Oil and SK Energy — are facing antitrust scrutiny over a recent surge in fuel prices following the war with Iran. The probe by the country’s competition regulator comes as President Lee Jae Myung publicly warned refiners against exploiting geopolitical instability to raise prices and instructed the government to set a price cap on oil price increases. South Korea’s major oil refiners — GS Caltex, Hyundai Oilbank, S-Oil and SK Energy — are facing antitrust scrutiny over a recent surge in fuel prices following the outbreak of the war with Iran. The probe by the country’s competition regulator comes as President Lee Jae Myung publicly warned refiners against exploiting geopolitical instability to raise prices and instructed the government to set a price cap on oil price increases....

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