South Korea probes gas-station price fixing, inspects four major refiners

The Korea Fair Trade Commission (KFTC) said it is investigating suspected price coordination at certain regional gas stations, focusing on areas in Busan, parts of North Gyeongsang Province, and Jeju Island. The inquiry follows reports of possible price alignment that could hurt consumers.

KFTC Chair Jo Byung-gi disclosed the status at the fourth meeting of a government-led task force on living costs and price stability held at the Seoul Government Complex on Thursday. He said the agency has been conducting on-site investigations in the affected areas.

The commission has also begun on-site inspections of Korea’s four major oil refiners—SK Energy, GS Caltex, S-Oil, and Hyundai Oilbank—after detecting rapid shifts in petroleum-product prices. Regional offices have been mobilized to monitor price movements at gas stations across the country.

Jo Byung-gi emphasized that if there is evidence of supply restriction or price-fixing intended to secure improper profits, the KFTC will impose sanctions that substantially exceed the earned gains. He warned that such practices undermine consumers and must be deterred.

The investigation comes as the KFTC notes sharp moves in the price of oil products, prompting closer scrutiny of the fuel market and the behavior of both refiners and fuel retailers. The agency has signaled a firm stance against anti-competitive conduct that harms everyday living costs.

For international readers, the case matters because South Korea is a major importer and consumer of refined petroleum products, with price movements in its market influencing inflation, household budgets, and regional energy security. Regulatory actions in Korea can also affect supply-chain dynamics and energy pricing in Northeast Asia, with potential knock-on effects for global oil markets and manufacturers tied to Korean production networks.

The four refiners at the center of the on-site inspections—SK Energy, GS Caltex, S-Oil, and Hyundai Oilbank—supply most of Korea’s gasoline, diesel, and other refined products. Their pricing and competition practices have implications beyond Korea, given Korea’s role in regional trade, energy infrastructure, and the broader Asia-Pacific energy system.