[Anchor]
Four domestic oil refiners and their executives have been indicted for colluding to raise fuel prices, using the war between the United States and Iran as an excuse. Messages exchanged in their group chat included remarks such as, "A company that thrives on war," and "Long live Trump."
Reporter Jeon Yeonnam has the story.
[Reporter]
In March, the average price of gasoline in Seoul soared well past 1,800 won per liter.
At the time, the surge in fuel prices was attributed to the war between the United States and Iran. However, a prosecution investigation has revealed that organized collusion among domestic oil refiners was the real cause behind the price hikes.
The prosecution stated that the collusion led by HD Hyundai Oilbank and SK Energy involved a scale of 14.2 trillion won. When accounting for GS Caltex and S-Oil, which raised their prices by referencing the colluded rates of the first two companies, the total effect of competition restriction and collusion reached approximately 26 trillion won.
The prosecution concluded that there was no reason for prices to skyrocket at the time, as the four major refiners had already stockpiled a significant amount of crude oil.
In relation to this, investigations revealed that a group chat for a pricing department at one of the refiners contained messages such as, "As expected, a company that thrives on war. Long live Trump," and "We are raising prices by 100 won today. We will likely make 2 trillion won this year."
[Na Hee-seok / Director of the Fair Trade Investigation Department at the Seoul Central District Prosecutors' Office: The surge in oil prices immediately after the war shows that the collusive practices already chronic in the industry were manifested in a more blatant form, taking advantage of the economic crisis.]
The prosecution also identified the unfair distribution process as a problem, where refiners unilaterally set the supply price, forcing small gas stations to receive their entire supply and settle the final payment at the end of the month based on the price determined by the refiner.
Because gas stations lose the opportunity to purchase fuel at lower prices, they are forced to raise their retail prices, a structure that ultimately shifts the burden entirely onto consumers.
The prosecution announced that it has indicted the four oil refiners and four of their executives on charges including violation of the Fair Trade Act.
(Video reporting: Yang Hyun-cheol | Video editing: Jung Yong-hwa)
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