Authorities allege that SK Energy and HD Hyundai Oilbank orchestrated the timing and scale of fuel price hikes, pressuring independent station operators through restrictive contracts to ensure compliance. A lead prosecutor characterized the behavior as a long-standing industry practice, revealing that employees had exchanged sensitive pricing data with rivals for several years before regional tensions escalated.

Alongside the corporate charges, prosecutors indicted four individual employees for their roles in the conspiracy. The government’s crackdown comes as South Korea remains highly vulnerable to energy market volatility, given that 70% of its crude imports originate from the Middle East. To mitigate the economic impact, the administration previously implemented rare price ceilings and mandatory driving restrictions for civil servants as the country grappled with the risk of fuel shortages.