South Korea's Fair Trade Commission (FTC) has launched on-site inspections of domestic refiners over alleged price-fixing of petroleum products, industry sources said.
The FTC's Cartel Investigation Bureau conducted raids on SK Energy, GS Caltex, S-OIL, and Hyundai Oilbank on Monday, according to industry officials.
The commission had signaled aggressive action at a meeting with related agencies on June 6, where it announced plans to "mobilize all regional offices to examine potential collusion centered on high-price gas stations and immediately launch on-site investigations based on monitoring results."
At the time, the FTC emphasized the need for thorough monitoring of the petroleum market due to the Middle East situation, pledging close surveillance of fuel prices and quality at gas stations nationwide. The commission also committed to conducting more than 2,000 special inspections per month.
The inspections were triggered by internal investigations that detected signs of collusive behavior, sources said.
"We will actively monitor market disruption activities that exploit the Middle East situation," an FTC official said. "We will continue to track price trends of essential consumer goods and respond preemptively."
The probe comes as domestic fuel prices approach 2,000 won per liter amid the Middle East oil shock.