[Anchor]
Four domestic oil refining companies and their executives have been indicted for significantly raising fuel prices through collusion, using the U.S.-Iran war as a pretext. Prosecutors have estimated the scale of the collusion among these companies to be 26 trillion won.
Reporter Jeon Yeonnam reports.
[Reporter]
In March, the average price of gasoline in Seoul soared well past 1,800 won per liter.
At the time, it was analyzed that fuel prices had skyrocketed due to the war between the United States and Iran. However, a prosecution investigation revealed that organized collusion among domestic oil refiners was the underlying cause.
Prosecutors stated that the collusion led by HD Hyundai Oilbank and SK Energy amounted to 14.2 trillion won. When accounting for GS Caltex and S-Oil raising their prices by referencing the collusive pricing of the first two companies, the total scale of anti-competitive effects and collusion reached approximately 26 trillion won.
The prosecution determined that there was no reason for prices to surge at the time, as the four major oil refiners had already stockpiled a significant amount of crude oil.
In relation to this, messages exchanged in a chat room for an oil refiner's pricing department included remarks such as, "As expected, a company that thrives on war. Long live Trump," and "We are raising the price by 100 won today. We will likely earn 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 oil refiners unilaterally set supply prices, forcing small gas stations to receive their entire supply of products and settle the final price at the end of the month based on the fixed price determined by the refiners.
This is because, from the perspective of gas stations, there is no opportunity to purchase at a lower price, forcing them to raise their retail prices, a structure that ultimately shifts the burden entirely onto consumers.
The prosecution announced that it has indicted the four major oil refiners and four of their executives on charges including violations of the Fair Trade Act.
(Video reporting: Yang Hyun-cheol, Video editing: Jung Yong-hwa)
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