FTC fines companies for price rigging

South Korea’s Fair Trade Commission heavily fined four oil companies for having colluded to set prices for gasoline, diesel fuel and kerosene. FTC Vice Chairman Kim Byung-bae said in an announcement that SK Corp., GS Caltex Corp., Hyundai Oilbank Corp. and S-Oil Corp. were found to have rigged their prices from April 1 to June 10, 2004. “We have decided to fine these four oil companies a combined 52.6 billion won (US$55.68 million) and send charges against them to the prosecution,” he said. (February 24, 2007)