South Korean prosecutors raided the offices of four major domestic oil refiners on Monday, March 23, 2026, over allegations of colluding to fix the prices of petroleum products. The companies targeted were SK Innovation Co., GS Caltex Corp., S-Oil Corp., and Hyundai Oilbank Co., according to the Seoul Central District Prosecutors' Office.
The raids are part of an investigation into suspected violations of the Fair Trade Act. Prosecutors are examining whether the companies engaged in unfair collaborative practices to manipulate the prices of gasoline, diesel, and other oil products in the domestic market.
The investigation follows a probe by the Korea Fair Trade Commission (KFTC), which had been looking into similar allegations. The recent raids were conducted to secure further evidence, including internal documents and communications data.
Public concern over high fuel prices has been a persistent issue in South Korea. While global oil price fluctuations, influenced by geopolitical tensions, are a primary driver, authorities are scrutinizing whether domestic market practices have exacerbated the situation for consumers.
