SK Energy, HD Hyundai Oilbank Face Up to $3.3 Billion in Potential Collusion Fines

South Korea's KFTC has sent an examination report to SK Energy and HD Hyundai Oilbank over alleged price fixing: the refiners shared wholesale pricing information from February 2022 through March 2026 and allegedly agreed on wholesale prices twice in March 2026. Affected sales are estimated at 44.1 trillion won ($32.94 billion), with a potential fine of up to 4.63 trillion won.

• KFTC alleges SK Energy and HD Hyundai Oilbank shared pricing data from February 2022 to March 2026
• Affected sales estimated at 44.1 trillion won ($32.94 billion), about 30 billion won per day
• Maximum fine could reach 4.63 trillion won under current penalty rates
• GS Caltex and S-Oil were investigated but excluded for lack of evidence